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(b) If the just value of the new homestead as of January 1 is less than the just value of the immediate <br />prior homestead as of January 1 of the year in which the immediate prior homestead was abandoned, <br />the assessedivalue of the new homestead shall be equal to the just value of the new homestead divided <br />by the just value of the immediate prior homestead and multiplied by the assessed value of the <br />immediate prior homestead. However, if the difference between the just value of the new homestead <br />and the assessed value of the new homestead calculated pursuant to this paragraph is greater than <br />$500,000, the assessed value of the new homestead shall be increased so that the difference between <br />the just value and the assessed value equals $500,000. Thereafter, the homestead shall be assessed as <br />provided in this section. <br />12D-8.0065 Transfer of Homestead Assessment Difference; "Portability"; Sworn Statement Required; <br />Denials; Late Applications. <br />(1) For purposes of this rule, the following definitions apply. <br />(a) The "previous property appraiser" means the property appraiser in the county where the taxpayer's <br />previous homestead property was located. <br />(b) The "new property appraiser" means the property appraiser in the county where the taxpayer's new <br />homestead is located. <br />(c) The "previous homestead" means the homestead which the assessment difference is being <br />transferred from. <br />(d) The "new homestead" means the homestead which the assessment difference is being transferred <br />to. <br />(e) "Assessment difference" means the difference between assessed value and just value attributable to <br />Section 193.155, F.S. <br />(2) Section 193.155(8), F.S., provides the procedures for the transfer of the homestead assessment <br />difference to a new homestead, within stated limits, when a previous homestead is abandoned. The <br />amount of the assessment difference is transferred as a reduction to the just value of the interest <br />owned by persons that qualify and receive homestead exemption on a new homestead. <br />(a) This rule sets limits and requirements consistent with Section 193.155(8), F.S. A person may apply for <br />the transfer of an assessment difference from a previous homestead property to a new homestead <br />property if: <br />1. The pers In received a homestead exemption on the previous property on January 1 of one of the last <br />three years before establishing the new homestead; and, <br />2. The previous property was abandoned as a homestead after that January 1; and, <br />3. The previous'property was, or will be, reassessed at just value or assessed under Section 193.155(8), <br />F.S., as of January 1 of the year after the year in which the abandonment occurred subject to <br />Subsections; 193.155(8) and 193.155(3), F.S; and, <br />-29- <br />