Homestead Portability in Florida
Homestead Portability applies to people selling a home that has a homestead exemption in Florida and buying a new home in Florida. You can bring your homestead exemption along with you to your next house. It’s not that simple though as I realized when I recently bought my new home. It was a short time after I closed on my new Stone Creek home that I got an email from a local title company with a link to a video talking about a service that checks your Portability. I was shocked that I lost out on almost $500- in tax breaks ! I called my broker and a few real estate friends some whom have been in the business for over 20 years. No one had heard of this.
When you have owned a house for a long time like me 15 years the value of your house goes up. The property appraiser has different values for your house. Assessed value which is what you pay taxes on and Market or Just Value. If your Market or Just Value is way off from the amount you are going to sell your house for you will lose a large amount of Homestead Portability. If you don’t dispute the Market or Just Value before you close on your existing home it’s too late. Period.
This is complicated so here is a link to the service where I saw the video. I am not endorsing them. I’m not affiliated in any way. This is just great info that can save you hundreds on your taxes every year. https://floridahomesteadcheck.com/
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