Owners of homestead property can now take up to $500,000 of Save Our Homes savings to a new home purchase. You may recall in 1995, the legislature capped the increase on assessed values of homestead properties to 3% per year. However, whenever you moved, you started all over again with the true assessed value of your new home. If this amendment is passed, you will be allowed to take the Save Our Homes savings to your new home. This is called portability and it is huge! If you are up-sizing, you will simply take your entire Save Our Homes savings to your new home. For example, Current home = $400,000, assessed at $200,000 because of Save Our Homes. New Home = $500,000 minus $200,000 from the transferred Save Our Homes so the assessed value of the new home will be $300,000. The tax savings will be approximately $4,800. If you are down-sizing, you will transfer a pro-rated portion of our Save Our Homes savings. For example, Current Home = $400,000, assessed at $200,000 (50% of the value) due to Save Our Homes. New Home = $300,000 apply the 50% savings from Save Our Homes and the new home assessed value would be $150,000. The tax savings will be approximately $2,400.You will be allowed to use this Save Our Homes exemption policy for homes that you sold in 2007 or later with a few exceptions. This change in the save our homes rule may not last, so buy your next home now!