Portability & How It Can Save You Money
Did you know that upon selling your current homestead exempt home you are eligible to save money on your property taxes in your next home by PORTing over the Save Our Homes Assessment Difference?
Property owners with Homestead Exemption also receive a benefit known as the “Save Our Homes” cap. The Save Our Homes cap limits increases in the annual assessment of a home to a maximum of 3% regardless of the increase in Market Value.
Homeowners can transfer (or PORT) the difference between the assessed and market values from their previous Homestead Property (known as the Homestead Assessment difference) to another Homestead Property up to $500,000.
CALCULATING PORT
| Moving to a more valuable home – UPSIZING | |||
| Previous Home | New Home | ||
| Market Value | $250,000 | Market Value | $400,000 |
| Save Our Homes Assessment Difference | – $100,000 | P O R T | – $100,000 |
| Assessed Value | $150,000 | Assessed Value | $300,000 |
| Moving to a less valuable home – DOWNSIZING | |||
| Previous Home | New Home | ||
| Market Value | $250,000 | Market Value | $200,000 |
| Save Our Homes Assessment Difference | – $100,000 | * P O R T | – $80,000 |
| Assessed Value | $150,000 | Assessed Value | $120,000 |
*Step 1: Previous Save Our Homes Difference DIVIDED by Previous Market
100,000/250,000 = Cap Ratio 0.4
*Step 2: Cap Ratio MULTIPLIED by New Market Value
0.4 x 200,000 = PORT 80,000
Portability benefits may be reduced if the benefit is split among multiple homestead owners and is limited to $500,000.
HOMESTEAD EXEMPTION Requirements
You must have homestead exemption on your new property within two (2) years of your last homestead exemption AND all owners of a jointly owned previous homestead must abandon that homestead in order to PORT your Homestead Assessment Difference. (Ref. section 193.155, Florida Statutes).
HOMESTEAD EXEMPTION AND SPOUSES
Husband and wife abandoning jointly titled property may designate shares of the homestead assessment difference by filing a Designation of Ownership Shares Of Abandoned Homestead form (DR-501TS). To qualify to make such a designation, the husband and wife must be married on the date that the jointly owned property is abandoned.
All Property Tax Exemption Applications are due March 1st.
Learn more at the Miami-Dade’s Property Appraisers website by clicking here.
Importance of Native Vegetation
Oak trees lining a Coral Gables street
Coral Gables Single-Family Real Estate Market Update
The continued trend in the single-family real estate market in Coral Gables has remained consistent for some time. The amount of active and new listings continues to decrease while demand and sales remain steady. July 2017 did see a decrease in sales but this is more than likely attributed to the typical South Florida real estate summer slowdown. These trends show that the Coral Gables real estate market is experiencing a healthy cycle and home values have continued to appreciate, though definitely not as much as 2011-2015.
Looking at the recent Coral Gables single-family sales in the month of July, the under $1 million market segment has remained very active. In this price range inventory tends to sell quicker and closer to asking price, if homes are priced correctly. Note, 919 Capri was a short sale that sold for significantly less than asking price.
If you are interested in knowing what your home is worth, reach out to one of our experienced agents at Rua Realty for a complimentary Comparative Market Analysis.
Miami Spice 2017
NEW: Get to Know your City Series
Rua Realty will begin highlighting events throughout our community and neighborhoods.
Kicking things off..Miami Spice!
Miami Spice is an annual event that commences this week. It offers a great opportunity to taste some of the finer dining establishments located throughout South Florida. Some of the areas included are Coral Gables, Coconut Grove, Brickell, & Miami Beach. Restaurants provide a tasting menu for lunch & dinner (limited days, check link below). If you enjoy Brunch, Miami Spice now features brunch on weekends at some participating restaurants.
See the list of participating restaurants below as well as articles/links highlighting some of the best deals and menus.
Miami Spice Participating Restaurants (Greater Miami and the Beaches)
Miami Spice 2017: The Best Menus in Every Neighborhood (Miami New Times)
Top 10 Best Bets for Miami Spice (Eater Miami)
The Best Deals at Miami Spice This Year (Thrillist)
Rua Realty School Calendar
