The Real Deal Miami

Tax portability can’t move market

August 11, 2008 11:49AM

Portability, which allows Florida homeowners to transfer tax savings they have built up over the years to another property through the Save Our Homes assessment cap, was a good idea that was overwhelmed by poor market conditions, experts say. Only about 1,200 homeowners in Broward and Palm Beach counties have applied for the tax advantage in a market with more than 1 million residential properties. About 7,000 more will see savings from portability, but they changed homes in 2007, before portability was approved. The putative tax advantage can’t compete with falling home prices and a tight credit market, making the new law less effective in moving South Florida’s weak housing market.