WEST PALM BEACH, Fla. — In today’s housing market, it’s important to take advantage of every saving method you can.
Two things could save you a bundle on your property tax, but many don’t apply in time or don’t use them at all.
First is the homestead exemption.
Echo Fine Properties president Jeff Lichtenstein describes the exemption by saying, "It encourages you to be in Florida, and to be a Florida resident and it lets you move and keep you know, that continued savings."
The homestead exemption lowers your property’s taxable value by as much as $50,000.
The home has to be a primary residence to qualify.
March 1 is the deadline to file and the homestead exemption auto-renews every year.
The second method people use for potential property tax savings is portability.
Lichtenstein admits, it can be difficult to calculate.
"If Elon Musk is a good friend of yours, you might be able to figure it out. Otherwise, not really, but there's a formula to figure it out," said Lichtenstein.
If you're moving to a home that will be your new permanent residence and the property taxes are higher, portability allows you to transfer some of the savings from the homestead exemption from your old property.
Use your local counties property appraiser office website to calculate your savings.
"You can put the property you're purchasing and what you're selling and you can figure out it will just pop out the formula right for you," Lichtenstein said.
Lichtenstein also says when calculating the price of the home you're buying and the property tax, avoid looking at what somebody is currently paying.
He says factor in the homestead exemption and portability to get a more accurate price and eventually save the most.
