Tampa Real Estate Homestead Exemption – Property Tax – Portability Challenge – Portability
Rob Turner, Hillsborough County’s Property appraiser, stopped by our office this week to provide some insight into some frequently asked property tax questions in Tampa. One of the hot topics was “portability” of our homestead exemption and save our homes cap. This recently enacted benefit to home owners has become quite confusing. Basically, it allows you to carry the “benefit” of your current homestead exemption to a new property. Below is a terrific illustration provided by Rob Turner’s office to help explain how portability from one Florida residence to another works when either upsizing or downsizing. This is another great example of why the “move up” buyer is in such a great situation right now in Tampa Real Estate. You can leverage the gain on a larger home with both lower prices AND protect your tax burden with portability.