TripAdvisor announced its 2020 Thanksgiving travel trends, and we are honored that #KeyLargo and #KeyWest made the list of recommended spots! Are you opting for a #holiday road trip for a socially distant stay, warm weather and ocean breezes? Here in the #FloridaKeys it’s easy to practice social distancing from friends and family with smaller groups of people for a more intimate, close-knit gathering. 📸 of sunset in Key Largo courtesy of The Florida Keys and Key West.
Congratulations to our agents on receiving their Christie's International Real Estate Luxury Specialist Designation. Over the past two days, we have engaged with over 700 agents, speakers and Christie's colleagues from around the world for the 2020 Luxury Specialist Virtual Conference. This conference is usually held in person, but they made it virtual this year due to the pandemic. We are grateful for the stellar informational opportunities, auction house updates, economic presentation, global market updates, and the ability to connect with all Christie's affiliates worldwide. Luxury is our standard of service! #CIRE2020lux
https://mailchi.mp/a08ff229a86b/market-update-october-2020?e=[UNIQID]
RENT A VACATION HOME OR CONDO IN PARADISE, THE FLORIDA KEYS!
THEN LET US HELP YOU PURCHASE YOUR OWN PIECE OF PARADISE!
Floridians passed Realtor-supported Amendment 5, giving sellers up to three years – an increase from two – to transfer accrued property tax benefits to a new home. Read the full story from Florida Realtors:
TALLAHASSEE, Fla. – After passage of a Florida constitutional amendment this year on property taxes, Floridians now have three years – an increase from two years – to transfer (port) any accrued property tax benefits to a new home.
But it’s not usually a full three years, just as it wasn’t a full two years under the previous version of the law.
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 “years” in the law refers to Florida tax years, the first “year” ends the following Jan. 1 – two months later. In this case, that November seller would have two years and two months to port tax savings.
In general, early-in-the-year sellers will have close to (but not quite) three years to transfer their SOH benefit – end-of-the-year sellers will have something closer to two years.
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.
SAVE OUR HOMES
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’t increase more than 3% or the percentage change of the Consumer Price Index (CPI), whichever is less.
If a home’s 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.
The recently passed Amendment 5 impacts the transferability of this SOH benefit, extending it one year longer.
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). The deadline to file is March 1.
For more info on SOH property tax savings, visit floridarevenue.com.
© 2020 Florida Realtors®
