Making Save Our Homes portable

[iStock Photo]
In recent years, longtime homeowners have lamented that the success of Save Our Homes in keeping their property taxes low has also had a downside. it has kept their property taxes so low that they can't afford to move to a new home because they'd pay much higher taxes.

Amendment 1, the property tax measure which was approved by voters on Jan. 29, changes that, making Save Our Homes tax benefits "portable." To determine if you could benefit, use this calculator.

How to determine your "tax equity"

Remember: Don't use commas or dollar signs when entering your numbers.
$200,000 would be entered 200000.

Just Market Value Assessed Value Tax Equity
 -   = 

Moving to a new home? Calculate its assessed value.

Is your new home's just market value equal to or greater than your current home?

New Home's Just Market Value Tax Equity from above New Home's Assessed Value
 -   = 

Are you moving into a less expensive home?

New Home's Just Market Value Current Home's Just Market Value Tax Equity from above Prorated Tax Equity
 /   )   X   = 

Then, calculate the new home's assessed value.

New Home's Just Market Value Prorated tax equity from above New Home's Assessed Value
 -   =