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Okeechobee County Property Appraiser

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Quick Links:
  • SOH Portability
  • Additional $25,000 Homestead Exemption
  • 10% Cap for Non-Homestead Properties
  • $25,000 TPP Exemption



    *      What is “portability”?

    The ability to transfer the savings benefit of the homestead property assessment limitation (defined in FS 193.155), known as “Save Our Homes” (SOH) and described as the dollar value difference between market value and assessed value, or the percentage thereof from one existing homestead to another new  homestead property.


    *      How and when do I apply for “portability”?

    You apply for portability when you are applying for homestead exemption using Form DR-501T (Transfer of Homestead Assessment Difference). This application is in addition to the homestead exemption application.

    If you have already applied for the homestead exemption, you can download the application from our website, or request a copy from our office, and submit the completed application to the Property Appraiser.

    If porting your savings from another county:  upon submission, the form will be sent to the Property Appraiser of your previous homestead for verification. Your previous Property Appraiser will issue a “Certificate of Portability” (DR-501R) and return the form to your new Property Appraiser for calculation of your portability benefit.


    *      What is the formula used to determine the amount available for “portability”?

    If you are upsizing (buying home with higher just market value than previous home) please refer to the following example:

    ·           Previous Home Valued @ $400,000 and Assessed @ $200,000 (SOH Value) $400,000 - $200,000 = $200,000 (Portable Amount)

    ·           New Home Valued @ $500,000 - $200,000 (Portable Amount) = $300,000 (New Assessed Value for New Home)

    If you are downsizing (buying home with lower just market value than previous home) please refer to the following example:

    ·        Existing Home Valued @ $400,000 minus Assessed Value @ $300,000 (SOH Value) = $100,000 divided by $400,000 (Existing Home Value) = 0.25 portability (or 25% eligible to “port” to new property)

    ·        New Home Valued @ $300,000 X 0.25 (25% eligible to “port”) = $75,000 (portability amount) | $300,000 minus $75,0000 = $225,000 (Assessed Value of New Homestead)


    *      After I sell my home, how long do I have to qualify for portability?

    Florida law allows up to 2 years to qualify for new Homestead and portability after you have sold your home.


    *      If I owned property with another owner and they still live in my previous home can I apply for “portability”?

    The law requires the previous exemption be forfeited before you can “port” any portion of the assessment cap benefit. Meaning, the remaining owner may not receive the full benefit and must re-apply.  The “port” would be a portion of the savings dependent on how many owners were on the deed. 


    *      Do I have to purchase a new property to be eligible for the portability benefit?

    No, if you already own another property (2nd home, beach house, etc.) and establish your homestead at that address with required documentation, you can remove the homestead from the old property and apply for the portability benefit on the newly established homestead.


    *      Can I also apply for additional exemptions such as widows/widowers, disability or senior’s exemption if I use “portability”?

    Yes, “portability” refers to adjusting the assessed value of the new homestead property; you may still apply for any additional exemptions that you may be eligible.


    *      What is the maximum SOH savings benefit I can “port” to my new property?

    The maximum amount you can port is $500,000.




    *      Will I save as much on the additional $25,000 homestead exemption as I did on my existing $25,000 homestead exemption?

    No, due to the school tax levy not being part of this additional exemption you will not; the additional exemption is calculated using the millage rates minus the school tax levy which makes up a large portion of the total millage or taxes that you pay. 


    *      How is this additional exemption calculated?

    If your property is assessed at $50,000 or less your homestead exemption  will remain the same amount as your current homestead exemption;  however, properties assessed from $50,001 – $74,999 will receive an increase proportionately up to $24,999 and any property assessed over $75,000 will receive the full additional $25,000 homestead.


    *      Must I file another application to qualify for the additional $25,000 homestead exemption?

    No, the additional $25,000 homestead exemption is automatic and will be calculated based on your assessment if you already have a homestead exemption.


    *      How does this calculation affect my other additional exemptions such as widow/widowers, disability, or senior exemption?

    It will not affect your other exemptions in any way; however regarding calculation,  the additional exemption will not be applied to the school tax levy portion of the millage rate.





    *      When will the 10% cap for non-homestead properties become effective?

    The 10 % Cap on non-homestead assessments became effective on the 2009 tax roll; the first date that any property owner was eligible was January 1, 2009.


    *      How to do I apply for the 10% cap for non-homestead assessment on my properties?

    The 10% cap for non-homestead assessment is automatic and you do not need to apply for it.


    *      May I apply for this exemption on my homestead property?

    No, this exemption is only available for “non-homestead” properties.


    *      What does “non-homestead property” mean?

    At this time the Property Appraiser is awaiting clarification from the Florida Department of Revenue, however it is our current understanding that it will include all properties not receiving a homestead exemption such as vacant land, commercial properties and rental properties.


    *      Will the 10% cap reduce my taxes after I apply?

    No, the 10% cap will cap the assessment from increasing more than 10% the year following the first year of ownership.


    *      Does the 10% cap apply to all taxing authority millage rates?

    The 10% cap will apply to all millage rates except for school tax levies.



    $25,000 TPP EXEMPTION


    *      When must I file my return to receive the $25,000 Tangible Personal Property exemption?

    The return must be filed by April 1st   - of the tax year -  in order to receive the exemption (or within the applicable application deadline extension period).

    *      What if I don’t file a return?

    Failure to file a return constitutes a failure to apply for the exemption.


    *      If I have multiple locations for my business, am I required to file separately?

    Yes, a return must be filed for each location within the county where the owner transacts business.       

    Freestanding property placed at multiple sites, other than where the owner transacts business, must have a single return filed and will receive one $25,000 exemption (examples: vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, and leased equipment.)


    *      Does this exemption apply to mobile homes that are assessed as Tangible Personal Property?

    This exemption does not apply to mobile homes assessed as Tangible Personal Property.


    *      Will I be required in future years to file?

    If in subsequent years the taxable value on the Tangible Personal Property exceeds the $25,000 exemption, then the property owner would be required to file a return.




    The information on this website was derived from data which was compiled by the Okeechobee County Property Appraiser Office solely for the governmental purpose of property assessment. This information should not be relied upon by anyone as a determination of the ownership of property or market value. No warranties, expressed or implied, are provided for the accuracy of the data herein, it's use, or it's interpretation. Although it is periodically updated, this information may not reflect the data currently on file in the Property Appraiser's office.
    © Okeechobee County Property Appraiser | Mickey L. Bandi, CFA | Okeechobee, Florida | 863-763-4422 by GrizzlyLogic.com (g4)