Fort Lauderdale Real Estate | Tax Portability
What the HECK is that?
Tax Portability – Want to save $1000’s of dollars (in some cases) on your Real Estate taxes? I saved 3 customers last year $1000’s of dollars just informing them on what tax portability is. Tax Portability is valid in the entire state of Florida and allows you to move your tax savings from one Homesteaded property to another. If you’ve lived in your home or condo for a number of years (the longer the better), the more tax savings you have. This is NOT made up. You can look it up on our local tax appraiser’s website www.BCPA.net (Broward County Property Appraisers) and they have a portability estimator there. Our property appraiser created this option for homeowners who homestead their property and have lived there a number of years to take all the tax saving they’ve been building up over the years to a new property instead of paying around 2% of the purchase price on the new property.
One live example of a customer of mine last year. He sold a home in Lake Ridge for $385,000 and owned the property for over 20 years and was scared to move because he didn’t want to pay 2% in real estate taxes on a new property and he wanted to move into a condo. He ended up buying a condo through me as well as selling his single family home. The purchase price of the new condo was $380,000, about the same amount. GUESS how much he is paying in taxes in 2019 for the new condo? He’s paying $2,037.00 (I just looked it up on our property appraisers website. If he bought the condo without portability it would have been around $7600 or 2% of purchase price. Thats a savings of over $5000 per year.
Give me a call at 954-895-8999 or email me at Dale@DalePalmer.com and we can use the portability estimator on our Property Appraisers website to see where you’d be if you sold and bought something new. I’d be glad to help you investigate this option for you. Please note that the longer you’ve owned your current home or condo, the more tax savings you have. If you’d only owned for a couple of years, there’s really no savings at all.
Please note: If you already sold last year and bought something new already, you have until the end of March to use this option. Its not too late. It’s a separate form to fill out vs just the homestead forms.