Portability Information
NOTE: If you have already applied for Homestead Exemption but not portability, be sure to complete
the application and return it to the Lee County Property Appraiser's Office to be eligible for this benefit.
ATTN: Exemptions Department
P.O. Box 1546
Fort Myers, FL 33902
Or, visit us at the Lee County Constitutional Complex at 2480 Thompson Street, 4th
Floor, Fort Myers, FL 33901.
How much of the difference between assessed and market value ("Save Our Homes difference")
can be applied depends on how the value of your new home compares to the value of
your old home and how title was held on your property.
If the new home's market value is the same or greater than the old home's market value:
The entire difference will be applied to your new home, so that the difference between
the market and assessed values of your new home will be the same as the difference
between the market and assessed values of your old home.
Example
|
Old Homestead Property |
|
Market Value: |
$200,000 |
|
Assessed Value: |
$150,000 |
|
Difference: |
$50,000 (this is the available portability amount) |
|
New Homestead Property |
|
Market Value: |
$300,000 |
|
Available portability: |
-$50,000 |
| New Property Assessed Value: |
$250,000 |
If the new home's market value is less than the old home's market value:
The entire amount of the difference will not be applied to the new home. Instead,
the new home's Save Our Homes difference will be the same percentage of its market
value as the old home's difference is of the old home's market value. For example,
if the old home's Save Our Homes difference is 40% of its market value, the new
home's difference can be determined by multiplying 40% times the new home's market
value. Then subtract that amount from the market value to arrive at the assessed
value.
Example
|
Old Homestead Property |
|
Market Value: |
$250,000 |
|
Assessed Value: |
$150,000 |
|
Difference: |
$100,000 (this is the available portability amount) |
|
Percentage: |
40% (the value difference is 40% of the Market Value) |
|
New Homestead Property |
|
Market Value: |
$200,000 |
|
Available portability: |
-$80,000 (40% of $200,000) |
| New Property Assessed Value: |
$120,000 |
Maximum deduction from market value:
The amendment sets $500,000 as the maximum amount that can be subtracted from the
market value of a homesteader's new home to determine the assessed value.
Example
|
Old Homestead Property |
|
Market Value: |
$900,000 |
|
Assessed Value: |
$350,000 |
|
Difference: |
$550,000 |
|
New Homestead Property |
|
Market Value: |
$1,000,000 |
|
Available portability: |
-$500,000 (maximum allowable portability amount) |
| New Property Assessed Value: |
$500,000 |