Moving into a new home just got a bit more attractive thanks to FL Amendment 5. The change in the property tax law allows homeowners additional time to transfer over their accrued tax benefits to their new homes. Previously, homeowners had to port their accrued property tax benefits within two years. Now, FL Amendment 5 gives homeowners 3 years to take advantage of this property tax benefit.
It is important to note, though, that this is not a calendar year. If you sell your home before January 1st, the first “year” will be from that moment until January 1. Subsequent years will be full years. This is because the law relies on the “tax year,” which begins each January 1st.
FL Amendment 5 is only applicable to primary residences. To take advantage of this benefit, you will need a homestead exemption on your new home. You will also need to file a Transfer of Homestead Assessment Difference form by March 1.
If you would like to take advantage of these tax savings, let’s talk! I can help you find the Tampa home of your dreams.