On January 29th, 2008, citizens of Florida approved Amendment 1. This property tax amendment has four parts. Below is what you need to know about each provision.
Portability - Allows Florida homeowners to transfer their Save Our Homes CAP to a new homestead. If you had a homestead exemption in Florida in 2007 or later, and are applying for a new homestead, then you may qualify. To benefit from portability, an application is required. Click the link below to download the application.
Portability Application and Instructions
In 2012 the rules clarified the portability process for you and your spouse (or former spouse) who is the current owner, or former owner of the qualifying property who want to designate shares of the homestead assessment difference.
At the time the former homestead property was abandoned, if you were married and jointly owned the property as husband and wife, you may designate the percentage of CAP value each owner would transfer to the new homestead property. Once you file the designation with the property appraiser, it is irrevocable.
Portability Designation of Ownership Shares
To learn more about portability, click the Frequently Asked Questions link below.
Portability Frequently Asked Questions
Department of Revenue – Portability Frequently Asked Questions
Department of Revenue – Portability Calculation Examples
Additional $25,000 Homestead Exemption - If you have a homestead exemption, there is no action required on your part to obtain the additional $25,000 homestead exemption. The exemption will be automatically applied to your assessment. The additional $25,000 exemption is not applied against the school board millage.
Additional $25,000 Homestead Frequently Asked Questions
Tangible Personal Property Exemption - Beginning in 2008, business owners will receive a $25,000 exemption on the Tangible Personal Property accounts. To qualify and obtain the $25,000 Tangible Personal Property (TPP) exemption, new business owners and business owners who have never filed should complete the annual TPP Return and send it to the Property Appraiser's Office by April 1st.
Additional Tangible Personal Property $25,000 Exemption Frequently Asked Questions
10% Assessment CAP for Non-Homestead property - Beginning in 2009, increases in assessments on all non-homesteaded properties are capped at 10%. No application is required for the 10% CAP - it will be applied automatically.
Additional 10% Assessment CAP Frequently Asked Questions