~ A Message from Property Appraiser Gary R. Nikolits, CFA ~
The Portability benefit under Amendment One allows residents with a Save Our Homes assessment cap to transfer all, or a significant portion, of their tax savings to a new property anywhere in the state.
There are no changes planned to the existing Save Our Homes assessment cap benefits. Portability is an added benefit. Amendment One also doubles the homestead exemption for properties valued at $75,000 or more for all tax levies except school districts. It exempts the first $25,000 in value of equipment used by businesses, and creates a 10% annual assessment cap similar to Save Our Homes, for non-homestead properties.

Portability: If you have applied for a new homestead exemption for 2008, and are entitled to transfer a homestead assessment difference from an existing homestead exemption for 2007, please file Transfer of Homestead Assessment Difference form, DR-501T, with the Property Appraiser's Office. Co-applicants transferring from a different homestead must fill out a separate form. If your previous homestead was in a different county, please include your contact information.
You may download Form DR-501T here. This form must accompany your original application for Ad Valorem Tax Exemption, Form DR-501.
If the property you are moving to is more expensive than the property you are moving from, you will be able to transfer your actual cap savings to your new property. The maximum amount of cap savings you can transfer is limited to $500,000.
If the property you are moving to is less expensive than the property you are moving from, you will be able to transfer a percentage of your actual cap savings to your new property.
The Portability Calculator will help you estimate your property tax savings should you think about moving and transferring your assessment cap.
DOUBLING THE HOMESTEAD EXEMPTION: This increases the homestead exemption from $25,000 up to $50,000. The original $25,000 homestead exemption will continue to apply to all ad valorem tax levies. The additional $25,000 homestead exemption will apply to all ad valorem tax levies except school district levies. Residential property owners who currently receive a homestead exemption and who continue to qualify for the exemption will automatically receive the additional homestead exemption. No further application will be necessary.
Beginning at a value of $50,001 and continuing through an assessed (or capped) market value of $75,000, the new homestead exemption will increase dollar-for-dollar with the increase in the value of the property. The maximum homestead exemption a property can receive is $50,000. All other exemptions that are currently applicable will remain in effect. The typical tax savings for a homestead property with a value of $75,000 or more will be about $300.
NON-HOMESTEAD PROPERTY ASSESSMENT CAP: Beginning January 1, 2009, an assessment cap similar to Save Our Homes will go into effect for non-homestead properties. The annual assessment c ap on these types of properties will be 10%. The assessment cap on non-homestead properties will be applied automatically and no further application by the property owner will be necessary.
This non-homestead property assessment cap applies to owners of second homes, commercial properties and unimproved lands. It does not apply to school district levies, and will expire in 2019 unless renewed by voters in the 2018 general election.
TANGIBLE PERSONAL PROPERTY EXEMPTION - The first $25,000 in value of the furniture, fixtures and equipment used by a business will be exempt from taxation. Businesses with tangible personal property assets will be required to file an initial return to qualify. Form DR 405 can be downloaded here. Thereafter the requirement to file an annual return is waived unless the value of their assets exceeds $25,000.
This exemption applies to all ad valorem tax levies, including the school district.