Tax Portability ( County Taxes )

[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......

[retiredguy123]

The agent is probably referring to the homestead exemption. Normally, when you buy a new home in Florida, you cannot get the homestead exemption until the following year, because you must own the home on the first day of the year. But, if you are moving from another house in Florida into a new house, you can "port" your homestead exemption to the new house and get it for the current year. You must apply for this exemption with the county tax office.

[vintageogauge]

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......

What did the closing agent say when you asked for an explanation?

[rjm1cc]

I think the Tax Assessor's office handles these so call and ask how to apply.

[biker1]

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.

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......

[FenneyGuy]

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......

There are separate applications for Portability and Homestead. The Sumter County Clerk at the Pinellas Plaza Library location can help.

You'll want to apply for both.