ADOPT ME MY NAME IS SOUTH FLORIDA’S BEST LIFESTYLES
“ROSA”
CHRISTINE STIPHANY, CRS
ONCE YOU ARE QUALIFIED, I WILL PAY THE ADOPTION FEE. APPLY TODAY AT WWW.PAWS4YOU.ORG
REALTOR ®
305.903.8845
CHRISTINE@PURESOUTHFLORIDA.COM PURESOUTHFLORIDA.COM 12751 S DIXIE HIGHWAY, PINECREST, FL 33156
SELLING OR BUYING A HOME?
Call me Today!
PO RTABILIT Y Have you ever looked at your property tax bill and noticed your market value and thought, “Gee, my house is worth more than that!”? Well, if you are selling your house, or plan to, it might just make sense for you to challenge that value with the Miami Dade County Property Appraiser’s office and have it increased. Why would that make sense? If you have Homestead Exemption, you have received a benefit known as the “Save Our Homes” cap. The Save Our Homes cap limits increases in the annual assessment of your home to a maximum of 3% per annum regardless of the increase in the Market Value. You then can “PORT” or use the “TRANSFER OF HOMESTEAD ASSESSMENT DIFFERENCE” to your new property up to $500,000. Therefore, it would be advantageous for you to have your market value increased to the accurate value in order to maximize your portability amount.
Last month I sold a home for $570,000 and the market value was reflected as $426,898 in the tax record. Clearly the market value is higher than $426,898 if a buyer was just willing to pay $570,000 for it. And, the seller had the foresight to anticipate this discrepancy in value and filed a petition with the Value Adjustment Board a/k/a the “VAB” prior to their appeal deadline and prior to the sale. I appeared before the VAB on behalf of the seller and provided documentation from the sale to substantiate the request for the increase in the value. Three weeks later the Special Master ruled and agreed to increase the market value by $33,502 thereby increasing the seller’s “portability” amount to his new property and effecting a savings of approximately $600 every year on his new house!
9801 SW 100 AVENUE | MIAMI OFFERED AT $639,000 Killian Greens Golf course! Cul-De-Sac Location. 4BR, 2BA. 2,163 SF.
Here is a clip taken from www.miamidade. gov/pa/exemptions_portability.asp that demonstrates how to calculate your PORT whether upsizing or downsizing.
CALCULATING PORT MOVING TO MORE VALUABLE HOME - UP SIZING PREVIOUS HOME
NEW HOME
MARKET VALUE $250,000 MARKET VALUE $400,000 Save our Home *PORT -$100,000 -$100,000 Assessment Difference ASSESSED VALUE
$150,000 ASSESSED VALUE $300,000
MOVING TO LESS VALUABLE HOME - DOWN SIZING PREVIOUS HOME
NEW HOME
MARKET VALUE $250,000 MARKET VALUE $200,000 Save our Home *PORT -$100,000 -$80,000 Assessment Difference ASSESSED VALUE
12200 SW 68 COURT | PINECREST OFFERED AT $1,198,000 Casual Elegance on Sprawling Lush Acre! Over $500K in Upgrades! 5BR, 4BA.
$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 2000,000 = PORT 80,000 Portability benefits may be reduced if the benefit is split among multiple homestead owners and is limited to $500,000
©2019 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.
8535 SW 100 AVENUE | MIAMI OFFERED AT $589,000 Paradise Found on this Half Acre GEM Located Near Baptist Hospital! 3BR, 2BA & Resort-Style Pool.