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Thread: First full year Tax bill!!
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Old 11-10-2024, 07:26 AM
Bill14564 Bill14564 is offline
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Quote:
Originally Posted by Craftylady View Post
Save our homes means the assessed value of your home can’t increase more than 3% a year. It also is portable , so if you move from a lower price home your new homes assessment can’t be more that 3% over the old even if you paid more for your new home. We are in Sumter county with lower taxes
This doesn’t sound right. The accumulated SOH benefit is portable to the new home. The same amount will be deducted from the market value of the new home as was deducted from the market value of the old home.

If you move from a $200K home to a $400K home your market value should increase by $200K. With the SOH portability, all or part of your accumulated benefit would then be subtracted from the new market value.
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