Portability ...how to Calculate it !!

Portability - Calculating the Homestead Assessment Difference

Generally, there are two major components in calculating portability known as upsizing and downsizing. Here is how it works: Portability Upsizing Example Prior Home New Home Market Value $250,000 Market Value $400,000 Assessed Value - $150,000 Portable Amount - $100,000 Portable Amount $100,000 Assessed Value $300,000 Portability Downsizing Example Prior Home New Home Market Value $250,000 Market Value $150,000 Assessed Value - $150,000 Portable Amount* - $ 60,000 Portable Amount $100,000 Assessed Value $ 90,000 *Note: portable amount is 60% of the previous assessed value. Here is how it is calculated: 150,000 / 250,000 X 150,000 = $90,000. Also, Port benefits may be reduced if the benefit is split among multiple homestead owners. The maximum portable benefit is $500,000 **info from Miami Dade tax appraisal office. If thinking on Selling Real Estate, contact me for a Confidential Market Analysis !! All the Best, Esperanza Franky "espie" Realtor Member of The Institute for Luxury Home Marketing Certified Strategic Marketing Specialist "Selling Miami Estates" team with One Premier International Realty Cel: 305.283.5868 Visit our Blog: www.rivieracoralgables.com Marketing Florida Real Estate at the Highest Level !