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Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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#1
08-26-2019, 04:17 PM
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Tax Portability ( County Taxes )
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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#2
08-26-2019, 04:32 PM
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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.
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#3
08-26-2019, 04:46 PM
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#5
08-26-2019, 08:35 PM
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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.
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#6
08-27-2019, 05:17 AM
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You'll want to apply for both.
__________________
Born and raised in Toronto; also lived in Sudbury and Winnipeg while growing up; migrated to Atlanta where I lived for almost 30 years and also spent a year in Milan and two years in Rochester, MN (brrrr). |
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