Essentially, Portability refers to the ability to bring the previous home's difference between the market value and the assessed value with you to the new home. This can have a big impact on the value that you pay taxes on with the new home. Both must be homesteaded. Use Google for additional information.
Quote:
Originally Posted by jcvdd1
Greetings-
Once again ( sorry ) asking for guidance.
At closing while helping my friend purchase a new home from The Villages, the closing agent advised my friend that she qualified for a Sumter County Tax Portability Credit.
Please, if anyone could explain this concept?
When does it go in effect?
How does one file for this benefit?
Can she benefit from the credit now?
Once again, thank you for your assistance......
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