{"id":68730,"date":"2020-11-06T10:49:54","date_gmt":"2020-11-06T15:49:54","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=68730"},"modified":"2020-11-06T10:49:54","modified_gmt":"2020-11-06T15:49:54","slug":"amendment-5-and-tax-benefits-what-it-means-for-fla-sellers","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=68730","title":{"rendered":"Amendment 5 and Tax Benefits: What It Means for Fla. Sellers"},"content":{"rendered":"
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Phawat Topaisan \/ EyeEm \/ Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Floridians passed Realtor-supported Amendment 5, giving sellers up to three years \u2013 an increase from two \u2013 to transfer\u00a0accrued property tax benefits to a new home.<\/p>\n<\/div>\n

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TALLAHASSEE, Fla. \u2013 After passage of a Florida constitutional amendment this year on property taxes, Floridians now have three years \u2013 an increase from two years \u2013 to transfer (port) any accrued property tax benefits to a new home.<\/p>\n

But it\u2019s not usually a full three years, just as it wasn\u2019t a full two years under the previous version of the law.<\/p>\n

Sellers who plan to port tax assessment savings to a new home think that if they sold their first home in November, they now have three full years to buy a home and port the savings. But since \u201cyears\u201d in the law refers to Florida tax years, the first \u201cyear\u201d ends the following Jan. 1 \u2013 two months later. In this case, that November seller would have two years and two months to port tax savings.<\/p>\n

In general, early-in-the-year sellers will have close to (but not quite) three years to transfer their SOH benefit \u2013 end-of-the-year sellers will have something closer to two years.<\/p>\n

In any case, though, the passage of Amendment 5 gives every Florida seller a minimum of two years to port their SOH property tax assessment savings to a newly purchased home.<\/p>\n

Save Our Homes<\/h3>\n

A home declared as a primary residence with a local tax office qualifies for the Save Our Homes assessment limitation. In each year after that, its property tax assessment can\u2019t increase more than 3% or the percentage change of the Consumer Price Index (CPI), whichever is less.<\/p>\n

If a home\u2019s value rises one year by 6%, for example, their assessment goes up 3% at most, and that portion not subject to tax is backed out of their assessment and called the SOH benefit.<\/p>\n

The recently passed Amendment 5 impacts the transferability of this SOH benefit, extending it one year longer.<\/p>\n

To transfer an SOH benefit, buyers must establish a homestead exemption for their new home and file a Transfer of Homestead Assessment Difference form (Form DR-501T<\/a>). The deadline to file is March 1.<\/p>\n

For more info on SOH property tax savings, visit floridarevenue.com<\/a>.<\/p>\n

By Kerry Smith<\/em><\/h6>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Phawat Topaisan \/ EyeEm \/ Getty Images Floridians passed Realtor-supported Amendment 5, giving sellers up to three years \u2013 an increase from two \u2013 to transfer\u00a0accrued property tax benefits to a new home. TALLAHASSEE, Fla. \u2013 After passage of a Florida constitutional amendment this year on property taxes, Floridians now have three years \u2013 an […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68730"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68730"}],"version-history":[{"count":1,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68730\/revisions"}],"predecessor-version":[{"id":68731,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68730\/revisions\/68731"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}