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Old 02-12-2008, 10:46 AM
 
1,054 posts, read 2,118,838 times
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Ok, so this portability act is still undergoing some drama I hear.
But currently it is passed.
My question is, if I buy a home here (and sell mine), and get the new "portability tax" (which would be good), and then file for homestead...
doesn't it lock in my rate so they can't change it if they decided against this new rule?
Is homestead still available or is the portability act wiping it out?
I'm so confused.
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Old 02-12-2008, 11:08 AM
 
Location: Miami, Florida
44 posts, read 179,144 times
Reputation: 27
I am NOT a lawyer nor a tax accountant, but I will answer to the best of my understanding.

Because it passed in the January 29, 2008 election, it is in effect now and retroactive to January 1, 2008. Homestead exemption is not only still in effect, but has doubled it to $50,000 for most homes. Also still in effect is the "Save Our Homes" 3% cap to the annual tax assement increases. The "portability" part is what will let you transfer your current tax assesment to a new property of equal or greater value; or to transfer the ratio between tax assessed value and market value if you are downsizing. Once the transfer is made (i.e. you've purchased your new property), then both the Homestead Exemption and the "Save Our Homes" 3% cap continue to be in effect on the new home.

As for "locked in" - all of the above are now part of our State constitution rather than just part of tax code. I don't know what the ultimate answer will be should one of the lawsuits against these amendments be successful, but one legal expert noted that it will be difficult to claim "unconstitutionality" (the legal arguments the lawsuits are making) when the provision is part of our constitution. The lawsuits would have to go to federal courts (maybe even to the USSC) or be voted out by the citizens in Florida before the amendments could be displaced.
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Old 02-12-2008, 11:41 AM
 
Location: Fort Lauderdale, FL
518 posts, read 1,484,820 times
Reputation: 238
Here's a recent story in the South Florida Sun-Sentinel that spells out the possible scenarios:

Court challenge could cost Floridians who change homes -- South Florida Sun-Sentinel.com
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