Moving up to a bigger home and concerned about higher property taxes?

Moving up to a bigger home and concerned about higher property taxes?

If you are moving up means you are selling your smaller home and buying a bigger home at a higher price. The concern is, are you okay to pay that high property taxes? Let's discuss this today. Welcome to Real Estate Tips for South Florida.

Now, this is a real concern for a lot of sellers who are moving up, selling their small home. Now, the family has grown to need a bigger home and they're asking, I own this home for the last seven or ten years. My property taxes are very low. Now, buying a home with double the price and a bigger home, I don't want to pay the high taxes. What's the solution?

There is a solution. The solution is called portability tax. You can go to the property appraiser's website and check that. So what portability tax does actually, throughout the years in your home, whatever the tax you saved because of the homestead exemption, because homestead exemption protects your home, not only that, it also keeps the property taxes low. Now that saving you can carry and to take to your new home. So up to that price means up to that value, and your taxes will be low. And then whatever the extra assessed value of the new home, the taxes will be recalculated. So you're going to save a lot of money on property taxes. Just take this home state tax benefit from this home to the other home. This is called portability tax. Check it out.

If you have any questions, you can always call me. My number will be here on the screen. My name is Shawn Bhakta from Remax Presidential, South Florida Home Finder Team, and I'm here to help.

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