REMINDER FOR THOSE WITH PROPERTY IN FLORIDA
Friday, 29 Feb 2008
People who bought and sold property in Florida last year are being reminded that they have until Monday March 3rd to apply for portability of Save Our Homes tax benefits.
The Save Our Homes law was introduced up to prevent tax assessments on homes from rising too fast and therefore provide homeowners in Florida with the ability to purchase a new property without incurring large tax penalties.
The benefit is the difference between the assessed value of the property, the increase in which is subject to annual limits, and its market value.
Taxpayers who sold a property in 2007 and bought a new one before January 1st 2008 can apply to transfer some or all of their Save Our Homes tax savings to their new home.
If they have applied for homestead exemption on their new home they will need to complete a separate application before March 3rd in order to do so. Applications are available from local property appraisers.
Figures from the Florida Association of Realtors show that 6,737 existing single-family homes were sold in Florida in January this year.
Property Select offers a comprehensive selection of overseas property in Florida, news, members club and reviews of the latest property developments.
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