This is amazing news for Homeowners. So often residents sell their primary residence and have not yet identified their next home. Under the current statute, to qualify for portability, you must establish a new residence by January 1st of the second year after leaving or selling your prior residence. The amendment that is being considered would extend this time period from 2 years to 3 years. Portability can be a big financial benefit if you are moving to a more expensive home so you have more time to settle in your new home and file for portability, which would be a relief for many homeowners. At the All About Florida Homes Team of Lang Realty, we make it a point to calendar this important task and help you through the process! Too many people miss the important deadline – we will not allow that to happen to our real estate clients!!!
“How long should Florida’s homeowners have to “port” property tax savings to another home? It’s officially two years now but can be barely over one year depending on the timing of the sale. Proposed amendments for the Nov. ballot would give sellers up to three years.” (FloridaRealtors.org)