A: For those who are eligible, benefits from portability, the additional homestead exemption and the $25,000 exemption for tangible personal property will show up on 2008 tax bills.

Q: How does a person apply for portability?

A: The homesteaded property owner should turn in a completed application to the office of the property appraiser in the county where the new homestead is located. The application from the Department of Revenue. [http://dor.myflorida.com/dor/property/appraisers.html]

Q: Who’s eligible for portability this year?

A: A person who establishes a new Florida homestead for 2008 and filed to give up the previous homestead sometime after Jan. 1, 2007. In other words, a person who relocated from a homestead last year and is claiming a new homestead for 2008 is eligible. The deadline for 2008 homestead and portability applications is March 1. The portability benefit would show up on the 2008 tax bill.

Q: Who’s eligible for portability after that?

A: Any Florida homesteaded property owner who establishes a new homestead for 2009 or any subsequent year—as long as the person had another valid homestead within two years of establishing the new one.

Q: How much is the portability benefit worth?

A: A homesteaded property owner can transfer up to $500,000 of portability benefit to a new homestead. A person moving to a more expensive home transfers the dollar amount. A person moving to a less expensive home transfers the percentage value.

Q: I don’t plan to move. What happens to the 3 percent cap on property tax assessments I got every year under Save Our Homes?

A: You’re still protected. Save Our Homes doesn’t go away.

Q: Is there an application for the additional homestead exemption?

A: No. The additional exemption will be granted automatically to anyone qualifying for a base $25,000 homestead exemption. It applies only if a property’s assessed value exceeds $50,000.

Q: How much is the additional exemption?

A: The exemption is $25,000, but it does not apply to property taxes assessed for local schools. In other words, no additional exemption will be applied to a property’s assessed value for the purposes of levying school taxes.

Q: Do business owners and mobile-home owners with tangible personal property have to apply for the exemption?

A: To receive the exemption, they must file their 2008 returns. If the value of tangible personal property is under $25,000, they will not have to file again the following year.

Q: When does the 10 percent cap on annual assessment increases for most non-homesteaded properties go into effect?

A: It goes into effect in 2009. There will also be an application. Keep checking the Department of Revenue web site [http://dor.myflorida.com/dor/property/appraisers.html ]for details. © 2007 FLORIDA ASSOCIATION OF REALTORS®

Harold Scott

Dale Sorensen Real Estate Inc.

www.HaroldScottRealtor.com