Page 11 - Palm City Spotlight - October '22
P. 11
Palm City Spotlight, Page 11
rEAL EstAtE
Treasure Coast Real Estate
Report
Selling And Buying Another Home? Be Sure
To Take Advantage Of Tax Portability!
By Jim Weix
The Florida homestead
exemption is for primary
residences in the state. If
a homeowner sells their
primary residence, they
will lose their homestead
exemption for that property.
However, they can transfer
some or all of their Save Our
Homes (SOH) assessment
limitations. Homeowners will
have three years to transfer their SOH assessment limitation.
For example, if a homeowner’s old home was worth
$300,000, but was assessed at 200,000 due to SOH benefit,
they have a $100,000 cap. This means the property owner
could transfer the $100,000 cap, using homestead portability,
to the new property. If the new property is worth $450,000,
the cap of $100,000 would bring the assessed value down
to $350,000 for the first year. Homeowners may be eligible
to transfer, or port, up to $500,000 in capped value.
If “downsizing” to a home of lower market value, the
homestead owner can transfer a SOH benefit that protects
the same percentage of value as it did the former homestead,
up to a $500,000 transferred benefit.
You must file the Transfer of Homestead Assessment
Difference with the homestead application for your new home.
Once the homeowner files these forms and if they are in
fact eligible, portability will allow them to “transfer their
SOH benefit from their old homestead to a new homestead,
lowering the tax assessment and, consequently, the taxes for
the new homestead. Feel free to call me if you would like to discuss your Company. Jim has 25 years of experience selling real
Go to: https://www.pa.martin.fl.us/homestead-exemption/ options. I can be reached at (772) 341-2941 or jimweix@ estate full-time. If you have questions or want the services
homestead-portability for more information and to get the jimweix.com. of an experienced expert, you can reach Jim at (772) 341-
needed forms. Jim Weix is a broker associate with The Keyes 2941 or jimweix@jimweix.com.
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