Do you fill out portability with the previous county and send the paperwork to the new county? I am moving out of pinellas county and moving to Lee county
Can you use your portability even when you’re NOT selling your old home? What if I buy a new home without selling my old. Can I still use this portability?
Thanks for this upload, but here's the technical question: Is the "portability transfer" applied toward new home's "market value" OR "assessed value"???? As we all know, 2 very figures, often the assessed value is lower than market value. Being able to apply toward the assessed value would yield a better result vs just the market value. Appreciate it.
Hi, I just saw your comment. The tax portability amount after being calculated, is reduced from the new home’s market value on the tax roll. Then between that and your homestead exemption, that’s how they calculate your new assessed value.
Hi Mark, Since I recorded this video, they extended the time allowed to apply for port. Here's what I pulled off the Miami Dade website. Basically you have 3 years now: How long do I have to apply for Port? You have up to three years to transfer the previous assessment difference to a new homesteaded property. The applicant must establish the homestead exemption on the new property within three assessment years (three January 1st) after abandoning the homestead exemption on the previous property. For example: the previous homestead exemption is abandoned March 2018, the applicant must establish the new homestead exemption by January 1 of 2021. If the applicant is granted a homestead exemption, but does not apply for portability within three consecutive years, he/she may apply at a future date. The assessment difference (Save Our Homes Cap Savings), from the year in which the homestead exemption was abandoned, will be applied to the assessed value of the new homesteaded property in the year that the portability is first approved. However, property taxes will not be subject to refunds for previous years (Section 193.155 (8)(k), Florida Statues).
Thank you for making this extremely helpful video. I have a technical question: My house is under contract and the market value for 2023 is listed for much lower than our sale price on the Palm Beach County Property Appraiser website. I am confused because we are selling the home in August of 2024, and according to the Property Appraiser site, the fair market value for Jan 2024 and onward won't be set until after we sell our home. (it is set for the year prior) Will the market value that is determined for 2024 (since that is when we are selling, not in 2023, the year prior) be applied to our portability benefit? I feel that this would fairly reflect the value of our home at the time that we sell. Thanks for any input anyone may have.
Did you ever get an answer to your question? Statues say the value of the home on January 1st of the year you abandoned homestead. So if you abandoned your homestead in 2024 you should get the 2024 Just Value. The next question becomes when is the 2024 market value determined by? Jan 1, 2025? Great video for a real estate attorney to put out.
Hi Jonna, Yes, the person who also commented below is what I was told by the Miami Dade County Property Appraiser office, that it's the year you abandon your homestead is what they go by, to determine your "SOH" or tax portability amount. You should always verify with your county regardless. Wishing you best of luck with your move!
Hi Christopher, "market value" listed on the tax roll is calculated by a computer model that the county uses. It is not necessarily what you paid for the house originally, especially if you bought it a while back. They take an average sale of homes in your area and come up with a market value based on size and attributes for the current time period. In the case of my own house, the market value listed on the tax roll is about $130,000 less than what I could sell for today, so it's important to note that it is not always the real market value of what a buyer would pay. Feel free to reach me directly if you have more questions.
Hi Ro, As long as you reside in the property as homestead prior to Jan 1st, then the application deadline online is usually early March. You can check your county's website for more info.
Great content! If I may contribute to upcoming videos I would suggest checking on a copule of things: 1. Slow down!!! The beginning was way too fast. When you begin the explanation of tax portability, the speed is much better. 2. Also, you may notice the S's and T's are too strong. This can be fixed on the sound editing in post production, or by placing a cloth over the mic on the camera. Great setting too!! Congratulations!!!
Thanks Mauricio, yes, I am trying to get the hang of this whole video thing! I definitely did not major in broadcast journalism! :-)))) but before you know it I will be a pro. Hahaha! Maybe you want to be my production assistant??? 😃 Also I had made a few other versions of the intro which were too slow for me, so I picked the lessor of two evels, but for sure you are right.
Thanks Lisa. I asked three other realtors in my neighborhood and none of them knew how this works.
Thank you Lisa! I have been looking for a real life example. And you provided one!
You're so welcome!
Thank you Lisa, very informative.
You are so welcome!
Thank you for that explanation. It was exactly what I was looking for.
Clear explanation. Very good video. Thank you Lisa
Glad it was helpful!
Great video, very informative. Thanks Lisa!
You are so welcome!
Do you fill out portability with the previous county and send the paperwork to the new county? I am moving out of pinellas county and moving to Lee county
Can you use your portability even when you’re NOT selling your old home? What if I buy a new home without selling my old. Can I still use this portability?
Thanks for this upload, but here's the technical question: Is the "portability transfer" applied toward new home's "market value" OR "assessed value"???? As we all know, 2 very figures, often the assessed value is lower than market value. Being able to apply toward the assessed value would yield a better result vs just the market value. Appreciate it.
Hi, I just saw your comment. The tax portability amount after being calculated, is reduced from the new home’s market value on the tax roll. Then between that and your homestead exemption, that’s how they calculate your new assessed value.
Thanks Ms. Fox. How much time must take place before the sale and purchase?
Hi Mark, Since I recorded this video, they extended the time allowed to apply for port. Here's what I pulled off the Miami Dade website. Basically you have 3 years now:
How long do I have to apply for Port?
You have up to three years to transfer the previous assessment difference to a new homesteaded property.
The applicant must establish the homestead exemption on the new property within three assessment years (three January 1st) after abandoning the homestead exemption on the previous property. For example: the previous homestead exemption is abandoned March 2018, the applicant must establish the new homestead exemption by January 1 of 2021.
If the applicant is granted a homestead exemption, but does not apply for portability within three consecutive years, he/she may apply at a future date. The assessment difference (Save Our Homes Cap Savings), from the year in which the homestead exemption was abandoned, will be applied to the assessed value of the new homesteaded property in the year that the portability is first approved. However, property taxes will not be subject to refunds for previous years (Section 193.155 (8)(k), Florida Statues).
Thank you for making this extremely helpful video. I have a technical question: My house is under contract and the market value for 2023 is listed for much lower than our sale price on the Palm Beach County Property Appraiser website. I am confused because we are selling the home in August of 2024, and according to the Property Appraiser site, the fair market value for Jan 2024 and onward won't be set until after we sell our home. (it is set for the year prior)
Will the market value that is determined for 2024 (since that is when we are selling, not in 2023, the year prior) be applied to our portability benefit? I feel that this would fairly reflect the value of our home at the time that we sell. Thanks for any input anyone may have.
Did you ever get an answer to your question? Statues say the value of the home on January 1st of the year you abandoned homestead. So if you abandoned your homestead in 2024 you should get the 2024 Just Value. The next question becomes when is the 2024 market value determined by? Jan 1, 2025? Great video for a real estate attorney to put out.
Hi Jonna, Yes, the person who also commented below is what I was told by the Miami Dade County Property Appraiser office, that it's the year you abandon your homestead is what they go by, to determine your "SOH" or tax portability amount. You should always verify with your county regardless. Wishing you best of luck with your move!
Is the market value calculated by the sale price of my original home or the market value on the last year of homestead market value assessment
Hi Christopher, "market value" listed on the tax roll is calculated by a computer model that the county uses. It is not necessarily what you paid for the house originally, especially if you bought it a while back. They take an average sale of homes in your area and come up with a market value based on size and attributes for the current time period. In the case of my own house, the market value listed on the tax roll is about $130,000 less than what I could sell for today, so it's important to note that it is not always the real market value of what a buyer would pay. Feel free to reach me directly if you have more questions.
How do you apply for SOH? What is the deadline?
Hi Ro, As long as you reside in the property as homestead prior to Jan 1st, then the application deadline online is usually early March. You can check your county's website for more info.
Great content! If I may contribute to upcoming videos I would suggest checking on a copule of things: 1. Slow down!!! The beginning was way too fast. When you begin the explanation of tax portability, the speed is much better. 2. Also, you may notice the S's and T's are too strong. This can be fixed on the sound editing in post production, or by placing a cloth over the mic on the camera. Great setting too!! Congratulations!!!
Thanks Mauricio, yes, I am trying to get the hang of this whole video thing! I definitely did not major in broadcast journalism! :-)))) but before you know it I will be a pro. Hahaha! Maybe you want to be my production assistant??? 😃 Also I had made a few other versions of the intro which were too slow for me, so I picked the lessor of two evels, but for sure you are right.
@@Lisa_Fox_Realtor Great video. Tell Mauricio TH-cam allows to slow down videos if his listening is too slow and also playback.. haha
I called the tax assessors office and was told the portability only applies the first year, after that the full tax will be assessed. Is this correct?