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Sally Sergeant, REALTOR
Ponte Vedra Club Realty
Phone: 904.631.4283
Email: SallySergeant@hotmail.com

Testimonials

"I have to say that Sally made the whole process very easy, considering that I was shopping long distance! She ALWAYS returned my calls and was quick to get the information I needed to close the deal. It was a pleasure to finally meet her at my 5 minute (YES!) closing. Looking for Florida property? CALL SALLY!" L. Cristallo
"Sally was recommended to by a co-worker. She has assisted several people at my company in finding a new home. Sally sets the standards for excellence. She found us the perfect home with everything we were looking for in very short order. She answered all our questions and was always very patient. Can't thank Sally enough!" D. Smith
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Blog: Jacksonville Real Estate

Real Estate Q&A: Portability Tax

Long time, no blogging!! What an awesome whirlwind the last few months have been for our business. Our top priority will always be YOU and the referrals you send our way so the blog may have taken a backseat but we are back with some great content planned for 2018!  

Today we are starting a new series called "Real Estate Q&A". It's as simple as it sounds...we will be answering our most commonly asked questions with an expert on the subject matter and delivering them to you monthly. If you have something you would like us to answer then please call or email us!

First up is something that we are asked about very often...How does portability of taxes work? Thankfully, Mark Sherman with LoanDepot has offered to educate us on this often forgotten tax exemption! So without further ado...Meet Mark!


Often times, my customers will ask me about Property Tax Portability when buying a new home. Well below are some of the more commonly asked questions. I hope will help answer some for you.

What is portability?

It’s the ability to transfer the SOH “Save Our Homes” Cap, which is the difference between your market or “Just” value and assessed value, from an existing homestead to a newly purchased homestead.

When did portability go into effect in Florida?

Portability became effective January 1, 2008, with the passage of Amendment 1.

How is it calculated?

If the just value of your new homestead property is more than the just value of your old homestead, you will be able to transfer your Cap up to the $500,000 limit.

(Just Value – Assessed Value = SOH Cap Value) 

So, for example;

Old Homestead:

Just Value: $225,000

Assessed Value: $190,000

SOH Cap Value: $35,000

New Homestead:

Just Value: $325,000

Transferred SOH Cap Value: $35,000

Cap Assessed Value: $280,000

 

If the Just Value of your new Homestead Property is less than the Just Value of your old Homestead, you can transfer a percentage of your Cap to the new Homestead up to the limit of $500,000.

(Old Just Value – New Value X 60% =  SOH Cap Value) 

So, for example;

Old Homestead:

Just Value: $225,000

Assessed Value: $190,000

SOH Cap Value: $35,000

New Homestead:

Just Value: $200,000

Transferred SOH Cap Value: $15,000

Cap Assessed Value: $185,000

 

How long do I have to use my portability benefit?

Once you have sold or abandoned your homestead property the law allows you to transfer your benefit for up to 2 consecutive property tax years.  The new homestead exemption must be established within 2 years (tax rolls) from the last year of the previous homestead exemption. 

How do I apply for portability?

When applying for your new homestead exemption you will need to complete a DR-501T (Transfer of Homestead Assessment Difference) form. If you have already applied for a 2017 homestead exemption in Duval or St. Johns County and had a 2015 or a 2016 Florida homestead, you will need to complete a DR-501T and returned it to us by the March 1st deadline. Please go to http://www.coj.net/departments/property-appraiser/docs/dr501tfillable.aspx in Duval, where the form can be downloaded or https://hx.sjcpa.us/ApplyOnline/WebForm1.aspx in St. John’s County where it is completed online.

How many times can I use portability?

Portability can be used each time you move and establish a new homestead.

Do I have to sell my home before I can qualify for portability?

No, you can abandon or move from an existing homestead and continue to own the property. However, once that home is no longer your permanent residence the homestead exemption will be removed. You will need to apply for a homestead exemption on your new permanent residence and complete a DR-501T (Transfer of Homestead Assessment Difference) form by the March 1st deadline.

Do I have to purchase a new property to qualify for portability?

No, you can abandon or move from an existing homestead to another property already owned by you, for example, a second or vacation home. However, once the first home is no longer your permanent residence the homestead exemption will be removed. You will need to apply for a homestead exemption on your new permanent residence (the second or vacation home) and complete a DR-501T (Transfer of Homestead Assessment Difference) form by the March 1st deadline.

How will I know that I have received my portability?

The amount of your portability will be reflected on your Notice of Proposed Property Taxes that is mailed out in mid-August. If you do not qualify for portability, you will be notified by certified mail no later than July 1.

Are Portability Benefits Split Among Multiple Homestead Owners? 

Yes. For example, in the case of a divorce, the portability Benefit would be split 50/50 and again, must be applied within two (2) years of selling your previous homestead.

 

Mark Sherman

Mortgage Loan Officer

loanDepot, Jacksonville Beach

904-509-8272

Local Market Recap | October 2017 Edition

Can we collectively agree that this year has flown by?! October was an awesome month for our crew for many reasons but one reason in particular is that Sally was ranked NUMBER 26 by the Jacksonville Business Journal for “Value in Sales” out of all Jacksonville Residential Realtors. I may be biased and think she is #1 but to be that high on the list out of over 5,000 Realtors in Jacksonville is pretty awesome – definition of a GIRL BOSS! So freaking proud to work by your side everyday Momma :)

Anyways, without any further ado, I bring you the October Market Update for our area!

October was a great month for NE Florida! Comparing August and September to this past month, we see the steady incline that we’ve been waiting for now that the topic is not “Which hurricane is heading our way this week?”. The Ponte Vedra Beach and Nocatee areas are seeing the highest number of new listings, average list price, homes sold and average price sold in 3 months. This trend doesn’t seem to be slowing down either. This is proving yet again that NOW is an amazing time to BUY or SELL! The Jacksonville Beach, Neptune Beach and Atlantic Beach areas continue to show a tremendous amount of activity, as well. It shows a steady increase in average list prices and a decrease in Days on the Market which are two great indictors of a hot market.

As previously explained, this is just a snapshot of just some of the many areas of town we cover. If you would like to have a personalized neighborhood report or have any other questions then we would be happy to provide that to you! Comment below or email SallySergeant@hotmail.com with any questions or specific requests. Have a great week!

Drum Roll Please...We Started a Blog!!

Work with me for a second...imagine sitting at your desk, dining room table, back porch or wherever you feel most inspired. You've got a glass of liquid courage (a nice glass of Pinot Noir is my go to) and your computer. You've googled "How to write a successful blog", "How to write your first blog post" then finally "WHY IS BLOGGING IMPORTANT". These are all the things that have been swirling through my head the last few months. So here we are. The First Post. Here goes nothing :)

Allow me to introduce myself...Hi! I'm Amanda and my mom is Sally who is the mastermind of this great blogging idea (que large eye shock emoji). I am fortunate to work alongside of Sally to help her with all the in's and out's of her business. What's her business you ask? Well if you are reading this blog then you probably already know but for those of you that don't know us here is a quick recap…

Sally began her real estate career in 1991 and has continued to work full-time with Buyers and Sellers since. With over $300 million dollars of closed real estate, she has been a consistent Top Producer throughout the years. She is an expert in luxury real estate sales, waterfront properties, golf communities and executive relocations, she is someone you can count on from beginning to end. And let me tell you…she has the reputation to prove it! Her customers turn into friends and in this cutthroat industry she has managed to rise above to be one of the few agents that people look forward to doing deals with – that’s the kind of agent you want on your side!

So enough serious talk, how will we make this blog different from all the others? “We” being the key word because Sally along with other industry leaders will be contributing along the way. This will be a space that is not just filled with market updates of Ponte Vedra Beach and the Jacksonville Beaches but a place where we can share tips and tricks about decorating trends, easy DIY ideas to spruce up any area, home staging advice if you are looking to sell and an occasional recipe because what would a blog be without a good recipe! We will share information that is valuable to becoming a smart homeowner and be a resource, no matter what stage of homeownership you are in. If you have any suggestions then please let us know in the comments below!

I am excited to start this journey of blogging as intimidating as it may seem. We hope you enjoy everything that is to come. Have a great day!

 

CONTACT INFO

Sally Sergeant
SallySergeant@hotmail.com
904.631.4283

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