In Florida real estate taxes are based on the point of sale. The Save Our Homes amendment to the Florida constitution helps Florida residents who live in the state for 6 months and a day (or longer) tax benefits by declaring the home they reside in their "homestead". Many benefits come from this declaration including a cap on the assessed value of that "homestead" from increasing by more than 3% per year or the percentage change in the consumer price index, whichever is lower. After further study of the market the government decided to allow homestead tax exemptions to become "Portable" meaning if you move you can take some of your tax savings gained through the Save Our Homes program and Port them to your new residence. Obviously there are rules and limitations involved but the benefits to our market are great. As long as the homeowner establish their new homestead within two years of leaving the former homestead. If the new homestead is more valuable than the old homestead, the homeowner may port up to $500,000 of capped value to their new homestead. If the new home is less valuable than the old home you will be limited to your old home’s assessed value divided by its just value.
In Naples this program has stimulated our market allowing long time residents in Old Naples, Port Royal, Aqualane Shores and our other well established neighborhoods to move at their leisure without resetting the advantage they have gained through years of appreciation.
If you have questions about real estate in Naples please contact me at [email protected] or 239-641-3876.
Please contact Adam Carriero at [email protected] or 239.641.3876. I am available for consultation on the Naples, Florida, market.