Page 11 - Palm City Spotlight - October '22
P. 11

Palm City Spotlight, Page 11

                                                           rEAL EstAtE

      Treasure Coast Real Estate

      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:  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                             of an experienced expert, you can reach Jim at (772) 341-
      needed forms.                                        Jim Weix is a broker associate with The Keyes   2941 or

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