If your client is selling their home and owned a prior Florida home, do you know if they filed for Portability on their current home when they filed for Homestead? Valuable portability savings could be still sitting around waiting to be claimed. They can be claimed any time before you sell the current home by just filing one simple form! There is a common misperception that if the homeowner forgot to file for portability for more than 2 years after they filed for Homestead then they have lost it. This is NOT true.
Portability is the difference between your Assessed Value and your Market Value
Market Value Errors
Market Value Errors must be fixed before closing! Did you know that the Market Value on the tax rolls is usually WAY lower than the actual Market Value of the property? This is BAD. It robs the homeowner of valuable Portability that they can transfer to their next home in Florida. So YES, you want to RAISE the Market Value on the tax rolls BEFORE closing, and NO, doing so WILL NOT raise the tax bill. You pay taxes on the Assessed Value, NOT the Market Value. This is a common misunderstanding.
How low market valuation errors rob homeowners of their portability savings
The Dozens of Special Exemptions
Sure there’s the $50,000 Standard Exemption. But did you know that there are actually dozens more? Did you know that moving parents or grandparents into a Granny Flat can save up to 20% of the property tax bill? Did you know that all senior citizens with income under about $30k get another $50,000 exemption? Did you know that some senior citizens are COMPLETELY EXEMPT from having to pay property taxes?
What Can Realtors® Do About All This?
Your client is hiring you to guide them through the mysterious and unfamiliar process of a real estate closing. They expect that you will tell them about anything important that they need to know- especially something that would cost them thousands of dollars a year! So what should you do to protect them?
Inform Your Client
Make sure that they are INFORMED about the issues and EMPHASIZE that they need to seek competent advice.
Provide A Solution
Give your clients a copy of our Homestead Disclosure© to ensure that they are protected and informed.
Document Your File
It protects you and your broker to be able to show that you informed them of the issues and pointed them to a source of assistance
So how do you accomplish the above 3 things?! Give your clients a copy of our Homestead Disclosure©. This easy-to-use document walks them through the issues, encourages them to get a Homestead Check™ which will address all of this, emphasizes that you aren’t advising them on these complex issues, and HOLDS YOU HARMLESS from any damages! To receive the Homestead Disclosure™ just click here and give us your information and we’ll personalize the form for you and email it to you to use, free of charge!
We've Got You Covered!
When your client obtains a Homestead Check™ you can rest assured that all issues have been covered regarding Florida’s complicated Property Tax laws. Many Realtors® like to purchase a Homestead Check™ for their clients instead of the traditional gifts. The thousands of dollars you may save them will go far beyond a bottle of wine or a gift basket! You can also become a Limited REP (Real Estate Professional) with Florida Homestead Check which will allow you to initiate Homestead Checks™ for your clients.
As a Realtor®, YOU ARE THE FIRST LINE OF DEFENSE. You get involved the earliest in the sale/purchase process and have the best chance to save them from losing their savings.
Book A Presentation
BOOK A FREE PRESENTATION WITH YOUR BROKERAGE. We travel all over the state educating Realtors®. One of our representatives will come to your brokerage free of charge and present our 45 minute course “What Every Real Estate Professional Should Know About Florida’s Homestead Laws”. We even give you a free checklist for spotting Homestead related issues! Please complete the contact form to have one of our representatives contact you to schedule a presentation.
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.