Page 19 - Abacoa Community News - January '24

Abacoa, Page 19

The Simmonds Advantage

Elevate your Real Estate Experience with Us

Our Strengths

Marketing, Negotiating, Closing

“Amy Simmonds and her team are phenomenal. I have known Amy for almost two
decades and she is understanding, clever and gets you to where you need to go.
She will not disappoint. There is no reason ever to look elsewhere when you are
selling or buying. The Simmonds Team are top notch in my book.” *Seller

“Where Amy really excelled was in negotiations. When we found our dream house,
it was out of our price range. Thankfully Amy has a deep understanding of the
local market and knows many people in the industry - this helped us to successfully
negotiate down the price to below what we thought would be possible - even in a
tough market with low inventory.” *Buyer

Bring Your Tax Benefits With You!

Explore Florida Portability

Portability is THE game-changer for homeowners looking to sell and
transition to a home that better suits their needs. SOLD

This flexibility, commonly called “Portability,” can offer significant
financial advantages for those seeking to move within Florida. 307 MARLBERRY CIR, JUPITER, FL 334584
This benefit allows homeowners to transfer their tax benefits from one 3 BEDROOMS | 2 BATHROOMS | 2,020 SQ FT
property to another within the state. With the Save Our Homes (SOH)
provision, individuals can transfer up to $500,000 of their tax benefit 8,556 SQ FT LOT
from a Florida home with a homestead exemption, to a new home that
qualifies for a homestead exemption. When you are a full-time FL res-
ident, your homestead exemption prevents your taxes from increasing
more than 3% a year.
119 BILBOA DR, JUPITER, FL 33458
When applying for your Homestead Exemption, you also have the
option to file for Portability. If you’ve already filed for a Homestead 5 BEDROOMS | 5.5 BATHROOMS | 4,023 SQ FT
Exemption and now need to file for Portability only, we can provide a
Portability application or tell you where to get one.
7,488 SQ FT LOT *BUYER REPRESENTATION
So How does Portability work?
Suppose the new home you want costs more than your existing prop-
erty. In this case, the portability amount is calculated by subtracting 2722 AVALON WAY, JUPITER, FL 33458
the ‘assessed value’ of your current home, from its market value.
3 BEDROOMS | 2.5 BATHROOMS | 1,890 SQ FT
For instance, if you’ve owned your home for a while, and your mar-
ket value is now $1,500,000, the ‘assessed’ value may be much lower. 3,300 SQ FT LOT
You’re now interested in moving your equity into a home that costs
$2,000,000, but your taxes will increase substantially. The assessed
value of this new 2M home can be reduced up to $500,000 because
of your portability, as long as you homesteaded.

On the other hand, if a home you want to buy in FL has a lower mar-
ket value, you can transfer a percentage of the difference from your
current property, to your new home when you sell and move. THE SIMMONDS TEAM
AMY SIMMONDS
If you qualify for Portability, a portability transfer form will be provided
once your new homestead exemption is approved. REALTOR

With this comprehensive understanding of Portability, homeowners M: 561.427.3617
can make informed decisions and leverage this valuable benefit when
transitioning to a new homestead property within the state of Florida. AMY@SIMMONDSTEAM.COM

Understanding the complexities of Portability can be daunting, but as SCAN HERE
your realtors, we can guide you through the process. JOHN SIMMONDS FOR MORE INFO

Let’s Talk! REALTOR
M: 561.662.7358

Call, email or text us. We are here JOHN@SIMMONDSTEAM.COM
to guide and serve. Thank you!

The information in this article is for general informational purposes only and does not constitute SCAN HERE
professional tax advice. It is not a substitute for consulting with a qualified tax professional. Tax laws OUR WEBSITE
are subject to change, and individual circumstances vary. The agents and brokerage are not liable
for any actions taken or not taken based on the information provided.

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational
purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or
withdrawal without notice. This is not intended to solicit property already listed.ww Photos may be virtually staged or digitally enhanced and may
not reflect actual property conditions.