Move My Realty - Real Estate News

TAX PORTABILITY DEADLINE

If you or a client sold and/or bought a homestead in 2007, remember that Monday, March 3, is the deadline to apply for homestead exemption and portability of Save Our Homes tax benefits. Taxpayers who sold a homestead in 2007 and purchased a new home before Jan. 1, 2008, are eligible to apply some or all of their Save Our Homes tax benefits to the new home. The Save Our Homes benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value (the Save Our Homes constitutional amendment). Taxpayers who already applied for a homestead exemption on their new home must complete a separate application by March 3, 2008, to transfer the Save Our Homes benefit to the new homestead. Application forms for portability are available from the local property appraiser and from the Florida Department of Revenue Web site: http://dor.myflorida.com/dor