“Save Our Homes” Portability
Florida homeowners haven’t had to watch their property tax bill increase as quickly as their home values since 1992 when the “Save Our Homes” law took effect. This huge benefit disappears when they sell their home and move to another where it starts all over again. The taxable value of a home can only increase by 3% per year under the law. Some homeowners have been in their homes for many, many years and have seen the values skyrocket recently to levels that they normally would not be able to pay the taxes on. The problem exists that when they move, even to a less expensive home, that exemption goes away. There has been an effort recently to allow homeowners to take their exemption with them when they moved. This is referred to portability. The Collier County commissioners are against this plan because they say it allows someone to move into the county and not pay the level of taxes the others are paying. This issue is being put forth to the Commissioners by Sen. Burt Saunders, R-Naples and he believes portability is coming and they better prepare for it. He expects the issue will be a constitutional amendment on the ballot in 2008 and expects it to pass.