Portability is the new, Florida Amendment 1 , which has recently passed. It allows homesteaded property owners to transfer up to $500,000. of their “Save our Homes” benefits to the new home or next homestead. The transfer of benefits for Homestead property owners will be available, within one year, and not more than two years, after selling their previous Homestead. If the new homestead, has a higher value, than the previous one, the accumulated benefit can be transferred. If the new homestead has a lower just value, the amount of benefit transferred will be reduced. The transferred benefit may not exceed $500,000.
This provision applies to all taxes. In Florida, the tax assessed value for homestead property can’t go up more than 3 percent per year. We call this a “cap”. This limitation or cap only applies to the premises you own and occupy. The cap is not the icing on the cake here. The part we want is the benefit. Okay, you own your home. Just you! The property appraiser’s office estimates that the market value of your home is $400,000. Thanks to Save our homes cap, the taxable value of your home is only only $175,000. The benefit is $225,000. That is $400,000. minus $175,000. This $225,000. you will be able to take with you, to the next home you buy , in Florida, anywhere in Florida. A good decision is to take that portability and use it to purchase a home in the Florida Keys, where the prices are now realistic, and Amendment 1 benefits allow us ,to move up, without being penalized. Portability and prices make the time to buy in Paradise now!
“PLEASE CONTACT LISA FRINS AT 305-522-1479 OR EMAIL ME AT lisafrins(at)florida-keys-homes(dotted)com”