Get The Most Out of Florida's Homestead Laws
A property tax analysis will ensure that you get all of the tax savings available to you under Florida's Homestead laws. Here are some of the important areas that we check for that can have a huge impact on your yearly tax bill or mortgage payment:
Low Market Value
When the market value of your home on the tax rolls is a lot less than what your home is worth. If not corrected this will reduce the amount of portability you can transfer to your next home.
Have you owned more than one home in Florida? If "yes", then you have probably accumulated portability savings that are just sitting around waiting to be claimed by filing a simple form.
Did you know that all senior citizens with an income under about $30k get another $50,000 exemption? There are dozens of additional property tax exemptions that you could be eligible for.
High Assessed Value
When the assessed value of your property on the county tax rolls is higher than the true market value of your home. This will result in your property being taxed at a higher rate than it should be.
This is the difference between your home's assessed value and market value. You can transfer your Homestead Savings™ (known as Portability) to your next home reducing its taxable value.
It's always a good idea to make sure that the $50,000 Homestead exemption is active on the county's property records. We search the tax rolls to make sure your Homestead is active.
What is Homestead Portability?
One of the benefits of Homestead in Florida is that it essentially "locks in" the taxable value of your home. As your property becomes more valuable over time the difference between your market value (what your home is worth) and the assessed value (the taxable value) gets larger. Portability allows you to take that difference over to your next home in Florida, up to a maximum of $500,000 - which translates to about $10,000 a year in savings! Portability eligibility is complicated and you must file for it separately and there is a specific timeframe in which you must buy your next home.
Portability is the difference between your Assessed Value and your Market Value
What is a Market Value Error?
Every year the county assigns a market value to your home using a mass appraisal system. A market value error occurs when the market value of your property is much lower than what you could sell it for (it's actual value). This robs you of valuable Portability that you can transfer to your next home in Florida when you decide to sell. Since you pay taxes on your assessed value, having a low market value can only hurt you. On the other hand is high assessed value, where your property is being overvalued. This will cause you to pay taxes at a higher rate than they should be.
How low market valuation errors rob homeowners of their portability savings
What are Homestead Exemptions?
Florida has dozens of special exeptions that can greatly reduce your tax bill if you qualify. There are exemptions for disabled persons, senior citizens, veterans, active duty military, people who establish a granny flat in their home, homes damaged by named storms, surviving spouses of first responders and service persons killed in the line of duty, and the list goes on! Exemptions get added or changed almost every election cycle and can involve a lot of money!
We offer an easy and affordable way to minimize your property tax bill. Getting a Florida Homestead Check™ only takes a few minutes and could save you thousands of dollars per year
Florida Homestead Check™
Just answer a few simple questions about yourself and your Homestead property and we will provide you with a personalized property tax analysis that will show you where and how to file everything needed with the taxing authorities, provide you with all needed forms, and will identify any issues that need to be addressed if you are already a homeowner. The report is color coded, easy to understand, and contains step-by-step directions.
Florida Homestead Counselors™
Your property tax analysis includes a one-on-one property tax consultation with one of our tax specialists! We’ll review your report with you, answer any questions that you have, and make sure that you get every penny in savings. By employing cutting edge technology, we are able to offer you this comprehensive tax saving service for only $175 - a fraction of what an attorney or CPA would charge.
The Homestead Doctors™
Once you understand the issues that are causing you to pay more in property taxes you have two options to fix them. Either follow the step-by-step instructions contained in your property tax analysis report and those provided during your counseling session, or you can hire the Homestead Doctors™ to fix your property tax related issues on your behalf. The Homestead Doctors™ are Florida property tax specialists and can handle anything from Homestead filing to representing you at Valuation Adjustment Board (VAB) hearings.
Now there is an easy way to make sure that property tax escrows are set up properly so that no big adjustments are necessary. In less than 2 minutes you can answer a few easy questions and get a report that tells you exactly how much money should be collected up front and how much the monthly property tax escrow payment should be.SmartEscrow™ takes into account Homestead Portability, actual tax rates for the county/municipality, and even calculates the correct property tax pro-ration between the buyer and seller on purchases.
Ready To Get Started?
Just provide us with some basic information and then complete the checkout process. You will receive your Florida Homestead Check™ report within 24 hours via email. After you receive your report you call us for a 30 minute one-on-one property tax consultation with one of our Florida tax specialists who will walk you through your property tax situation and help advise you on how to fix any issues identified.
Latest Homestead Help Articles
Stay up to date with the latest Homestead and property tax related articles and stories. You can also find helpful tips and articles explaining Florida’s complicated Homestead Laws that walk you through the process for correcting issues.
May 05, 2020
So Property Taxes are simple right? Why would you need any help? Most people wouldn’t dream of taking on their federal income tax return without some assistance but there is a prevailing assumption amongst many taxpayers...
February 24, 2020
How Does the County Property Appraiser’s Office work, and Why can’t I just go yell at them and get my values adjusted to lower my tax bill or increase my portability? Remember the Boston Tea Party? ...