Benefits for home-sellers in Pinellas County market
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Selling and buying a new home can propose quite a challenge. The whole process can last quite a long time, knowing that you will need to sell your house, buy or rent a new home, and then move all of your belongings with movers Dunedin, FL. However, selling a home will also have some good outcomes. Maybe you just need a change, or you need to move because of business, or you are leveling up to a bigger and better place. Whatever is the case, here are all the benefits for home-sellers in Pinellas County market.
Save Our Homes benefit for home-sellers in Pinellas County
Save Our Homes Amendment to the State Constitution is an Amendment passed in 1995 that allows homesteaded property owners to transfer the accumulated difference between the assessed and just/market value to a new home that qualifies for a homestead exemption within the state of Florida. When you move the SOH differential from one property to another, this is called ‘Portability’. However, there is specific criteria you have to fill out to be able to transfer the SOH benefit that you need to apply for, so you will need to do this ahead of time.
Criteria for SOH differential transfer
To get the SOH differential number, you will have to apply before the 1st of March in the year after you have made a purchase of your new property. There is a time limit regarding the transfer of the differential. The age limit is three tax years from the 1st of January of the last qualified homestead exemption. This does not mean three years from the date of sale. The tax limit does not start from a specific sale date of the property, but from the 1st of January of the sale year.
You will need to take all of these limits into consideration when planning on selling and buying a property, and planning a move to the new property with movers in Largo, FL.
Homestead exemptions for home-seller is Pinellas County
Another important tip is that you will need to apply for homestead exemption at the new house. This is because your homestead exemption does not automatically transfer. Also, if your new home has an exemption, it belongs to the previous owner. So, you need to apply before the 1st of March in the year of your purchase.
The next step: buying a home
Usually, buying a new property goes hand in hand with selling the old property. If you are moving somewhere long distance, this part may not apply to you, but if you are staying in FL, there are some benefits for home buyers. This includes the homestead exemption and other forms of taxes. There are also special features for married couples that both own homestead properties. They also apply to disabled Veterans, and Florida First Responders, so if you fall under any of these categories, make sure to check it out.
The last step: planning the move
Now that you know everything about selling and buying a house in Florida, it is time to start planning your move. You can do this by contacting Big Man’s Moving Company and getting a moving quote. Make sure to start planning on time, to save yourself from the stress and the hassle of a last-minute move.