Save $5,000 a year by reading this post
August 20th, 2008 | categories: Buying Real Estate in Coconut Grove
Not all home buyers are aware of it.
Not all Realtors mention it.
It’s called Portability. If you are selling your home and buying another in the state of Florida, you can keep some of the savings that you received on your homestead tax break and transfer it to your new home. One caveat…you MUST apply for it, the employees at the city of Miami-Dade won’t do it for you.
I just did the calculations for my clients who are selling and buying in Coconut Grove, and they will save $5,000 a year due to the Portability provision that went into effect for 2008. In other words, their taxes would have been $5,000 higher in the new home if it weren’t for this new law.
It is easy to calculate, just go to this Miami Dade County website, and simply enter in your old address and your new address to calculate the savings.
I don’t expect Portability to stick around for long, so take advantage of it while you can! Once you have it, they can’t take it away!