Home Buying in Miami>Question Details

John, Home Buyer in Miami, FL

is the homestead exemption portable now? Where is the best info on the web about the homestead exemption?

Asked by John, Miami, FL Sun Jul 20, 2008

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7
John,
Yes, Homestead is very portable now, and it does not matter whether you are downsizing or upsizing. Let's say the house you are living in now has a fair market value of $400,000 and you accumulated $200,000 in Save our Homes benefits. That would leave an assessed value of $200,000. Now assume that your new house is smaller and has a fair market value of $200,000. You can then apply 50% of your accrued Save our Homes benefit and that would leave an assessed value of your new home of $100,000 (amount you would be taxed on).
Let's say you are buying a larger home with fair market value of $600,000. You can carry over the entire $200,000 benefit which would make your new, larger home have an assessed value of $400,000. Either way, you will save a substantial amount in taxes.
Please let me know if you would like to know more about this or anything else Real Estate related.
Manon
1 vote Thank Flag Link Sun Jul 20, 2008
Yes it is. Visit my blog at http://www.AmitsBlog.com for detailed information at a tax savings calcultor.
Web Reference: http://www.AmitsBlog.com
1 vote Thank Flag Link Sun Jul 20, 2008
I sold my house in April with a savings in just value of $144,440 and the new property has a greater value of $604,112. Should we subtract both the $144,440 and the $50,000 homestead from the $604,112 to obtain the taxable amount? And, when can I apply for the portability? Is it right away with immediate benefit in 2010?
0 votes Thank Flag Link Tue Jun 8, 2010
Everyone else had done a great job of answering the question. Just remember one thing that some people seem to miss: you may only have ONE homesteaded property--that means when you port your exemption to a new property, the old one goes back to standard assessment and taxation, without any homestead exemption benefits.
Go to http://www.miami-dade.gov for more info!
0 votes Thank Flag Link Sun Jul 20, 2008
Hi John,

Here is something I quoted back at the beginning of the year. It might be still very a propos.

Michel

In case you don’t know, Florida voters just adopted a property tax reform measure which may mean translate into substantial savings if you purchased a home last year.

The amendment calls for an additional $25,000 homestead exemption applied to the assessed home value above $50,000, and is effective for the first time in 2008. Homesteaded owners who plan on continuing that exemption on the property for 2008 do not need to do anything. The exemption will appear on the TRIM notice (Notice of Proposed Property Taxes) mailed next August.

But if you did all of the following:

• Sold or vacate your homestead property on or after Jan. 1, 2007?
• Were you living in a new residence on Jan. 1, 2008?
• Will be filing a homestead exemption for a new residence in Florida?

then visit http://www.sarasotaproperty.net (for Sarasota residents), or http://www.manateepao.com (for Manatee residents) and download the homestead exemption and portability application.

If you moved to another county in Florida, please visit the property appraiser’s website for that county by clicking http://dor.myflorida.com/dor/property/appraisers.html.

The amended property tax code creates “portability” of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead property to another. This law is retroactive to Jan. 1, 2007.

Homeowners may transfer their SOH benefits to a new homestead in Florida within two years of leaving their former homesteads. This means if you sold your home in 2007, you can transfer your SOH benefit to a new homestead if you establish the homestead by Jan. 1, 2009.

For more information, visit the Florida Department of Revenue’s special web page by clicking http://dor.myflorida.com/dor/property/sb4d.html.
0 votes Thank Flag Link Sun Jul 20, 2008
I wrote a post about the property tax reform right before it was approved with the Jan. 29th voting
http://www.miamism.com/florida-property-tax-reform-the-fight…

You'll find links in that article that take you to tax calculators that should make it easier to comprehend.
Ines
Web Reference: http://www.miamism.com
0 votes Thank Flag Link Sun Jul 20, 2008
The Miami-Dade County Property Appraisers office should have a good explanation of Homestead Exemption and it's portability options throughout Florida. I have put their web address here.
0 votes Thank Flag Link Sun Jul 20, 2008
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