Differences in Market Value vs. Assessed Value on Homestead Properties in Brevard County
This chart shows the difference between Total Market Value and Total Assessed Value* of all properties with a Homestead Exemption (represented as a disparity gap). This difference results in property tax savings.
At the height of the real estate boom when market values skyrocketed, the disparity gap was over $14.5 billion, but assessed values were increasing only 3% a year. By 2012, with market values decreasing, the disparity gap closed to within a half-billion dollars.
Since the 2012 low point, the chart shows another widening disparity gap. Where capped assessed values increased less than 2.5% per year since 2012, market values have increased much more rapidly due to another robust real estate market.
By transferring your Tax Portability to a new homestead, you can bring your assessed value cap to your new property, thus increasing your tax savings.
I’m thinking of buying a new home, what will be my tax portability?
So if you’re considering moving from your current homesteaded property to another property, the Save Our Homes Portability benefit is available to you. In order to transfer your Save Our Homes cap, you will need to apply by March 1st. This means you will need to have purchased that home prior to March 1st so that you have ample time to process the paperwork.
If you’d like to have your Portability Cap calculated so you can see just how much you could transfer to a new property, we can help! Complete the form below and let us know a bit about your current homesteaded property and we will get back to you with a full report on what you can expect to transfer to your new property. While we’re doing that calculation, we can also set you up with listing reports of homes that would fit your wish list, making it even easier to estimate what your new tax liabilty could be. Remember, if you are thinking of moving and you want to transfer your Portability Cap to your new home, you’ll need to act before March 1st.