Amendment 1 – Homestead Portability
Posted by teamthompsonfl on March 21, 2008
I just wanted to take a few moments to give my clients, customers, family and friends a few links that may help them to understand the new portability features that Amendment 1 provides.
But first, I want everyone to know some things that the media hasn’t hit on too much since Amendment 1 passed:
Amendment 1 is being challenged right now. Based on the fact that is creates an “unfair taxation” to certain groups (first time homebuyer’s, people who bought in the last few years, etc.) Basically, if Buyer A is a first time homebuyer and buys a home exactly like the one that Buyer B buys – And Buyer B lived in a house for say… 30 years and was able to transfer some of his homestead, under Amendment 1… Buyer B will be paying a LOT less than Buyer A. Even if they both purchase for the same price on the same day!
This is something that will probably not be resolved for a year or 2. But, IF it is reversed… it would be very difficult for the government to get back that “portability” advantage from anyone who takes advatage of it until (IF) it is reversed. There is a good possibility that it could be reversed too! (*I recently saw an interview with the president of GTAR – our local board – and Rob Turner – the Hillsborough County Tax Appraiser – a couple days ago. And he stated this thought too… almost word for word!)
What this means to you: If you are desiring to move up, down, laterally, and you have a large, positive difference in your Assessed Value vs. Just Market Value… You may be the IDEAL candidate to make a move… NOW! Interest rates are still historically low, Prices to BUY are the lowest they have been in 30 years, and even if you lose a little more than you want to on the sale of your house… you will reap the rewards in the end with the huge tax savings you can get right now & the low price on the purchase side!
Anyway, if you want to look into how it works… just visit the sites below:
www.hcpafl.org – Hillsborough County Property Appraiser’s Website
http://dor.myflorida.com/dor/property/sb4d.html - Department of Revenue’s Site with FAQ’s on Ammendment 1
Hope this helps!
This entry was posted on March 21, 2008 at 5:05 pm and is filed under Buyer Topics, General Real Estate Topics, Seller Topics. Tagged: Amendment 1, Appraiser, Buying, Florida, Market, Portability, Real Estate, Savings, Selling, Tax. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
