Thank you Lindsey. I didn't know about portability when I sold my home in 2018 and bought another in 2019. Now I sold my home I bought in 2019 and will remember to ask for portability. Amazing the thing that they don't tell you. Also, I wanted to comment about the cap. I was told that if the millage rates go up, it trumps the cap. So basically there is no cap. Am I correct?
You might be able to go back and grab the portability from the house you just sold. I would definitely check! For the cap- do you mean the cap on property taxes increasing? Or the cap on how much portability you can claim?
Thank you Lindsey. I didn't know about portability when I sold my home in 2018 and bought another in 2019. Now I sold my home I bought in 2019 and will remember to ask for portability. Amazing the thing that they don't tell you. Also, I wanted to comment about the cap. I was told that if the millage rates go up, it trumps the cap. So basically there is no cap. Am I correct?
You might be able to go back and grab the portability from the house you just sold. I would definitely check!
For the cap- do you mean the cap on property taxes increasing? Or the cap on how much portability you can claim?
When you pass but you leave your house behind for a nephew to inherit, will the exemption still apply for him?
That’s a question for your attorney… it depends on how ownership passes. But generally, the homestead resets for a new owner.