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Real Estate Taxes: What Is Portability?

Portability or Transfer of Homestead Assessment DifferenceReal Estate Tax

Homesteaded property owners can transfer their Homestead Assessment Difference (up to $500,000) to a new homestead property within two years of abandoning their previous homestead. If the market value of the new homestead is more than the previous home’s market value, the entire homestead assessment difference can be transferred up to $500,000. If the new homestead has a lower market value, the amount of the accumulated benefit that may be transferred is proportional to the value of the new homestead property.

Calculating Your Real Estate TaxesYou can estimate the real estate tax on your new property by going to the Miami-Dade County Tax Collector’s website.

How do I obtain a Homstead Exemption on my property?

If you purchase a home after January 1st, you may inherit the previous owner’s Homestead Exemption and assessment limitation for that year. The following year, however, the homestead exemption and assessment limitation will be removed resulting in a higher assessed value. If this property is your permanent residence to the exclusion of all others, you will have to file an original exemption application by March 1st. For additional information on deadlines and application forms, please contact the Property Appraisal Department at (786) 331-5321.

Obtaining a Homestead Exemption will qualify you for 2 tax benefits:

  1. A reduction of $50,000 off your assessed value.
  2. Beginning in the 2nd year, your assessed value will not increase more than 3% regardless of the increase in the property’s market value.

For more information contact me at [email protected]

Written by Michael Solovay | Discussion: 2 Comments »

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