TAX PORTABILITY INFORMATION
The "Save Our Homes" protection guarantees that the assessed value of a Homesteaded residence can increase by no more than 3% a year, regardless of how much more the property increases in actual market value. The more your property increases in value, the more you will save each year in taxes on a homesteaded property. This ensures that residents cannot be taxed out of their homes by skyrocketing property values.
The traditional time for filing new Homestead Exemption applications runs from January 1st to March 1st each year. To avoid the driving and crowded lines by filing for Homestead online.
Amendment 1
The passage of Amendment 1 on January 29 has resulted in broad changes regarding property tax collections in Florida. Now that Amendment #1 has passed, you may be asking how you can take advantage of the new tax savings.
If you are already Homesteaded, there is nothing you need to do to claim the additional Homestead Exemption. The additional Homestead Exemption will automatically be applied to your property.

Portability" allows you to transfer to a new property the difference between your "Save Our Homes" tax assessment and the Just Value of your property. To take advantage of "Save Our Homes" tax savings portability, which is retroactive to include transactions from 2007, you will need to file a form with the Property Appraiser in your home county.

To determine the benefit of the tax portability, you will need first to visit the county assessors office to determine your current taxes -  for Hillsborough County Property Appraiser’s website, go to www.hcpafl.org/www/search/index.shtml.  Take note of your "Just Market" value and "Assessed Value".  Then go to the tax calculator site to find out the tax savings for your property (http://tbo.com/news/reports/taxcalculator/index.htm).  Visit the FloridaDepartment of Revenue’s website for the necessary forms to claim Portability at http://dor.myflorida.com/dor/property/sb4d.html You’ll also find complete and detailed information regarding implementation procedures for all components of Amendment 1.