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If you have a homestead exemption in Florida, you may be able to move your Save Our Homes savings to the next house. The Broward County Property Appraiser calls that portability. The cap is $500,000 of assessment savings. It is not a $500,000 payment.

Save Our Homes slows how fast the taxable value of a homesteaded home can rise. The gap between market value and that lower assessed value is the savings. Portability lets an eligible owner carry that gap to a new homestead in Florida.

The new homestead has to be in place within three tax years of the sale, or of the date you stop using the old home as your permanent residence. Before 2021, that window was two tax years. Florida voters extended it.

You can use portability more than once. The amount can change each time. It applies to a move anywhere in Florida, including a move that stays in Broward. It does not apply to a homestead you are leaving in another state.

You do not have to sell the old house. You do have to stop claiming it as your permanent residence. You cannot hold homestead on two homes at once.

The exemption itself does not transfer. You file a new homestead application on the new home, and you file portability with it. On bcpa.net, the online homestead filing prompts for the portability form when a prior Florida homestead qualifies. The form is DR-501T.

The amount that moves is not always the full gap. A more expensive home and a less expensive home use different formulas, and shared ownership can split the benefit. The property appraiser calculates it. A sale price is not a tax bill.

For 2026, the Broward County Property Appraiser lists timely homestead filing from March 4, 2025 through March 2, 2026, and a late-file deadline of September 18, 2026. Check the year on bcpa.net before you count on a date.

If you are selling in Broward and buying again in Florida, ask what portability would do to the assessed value of the next house before you write the offer. Link the words property appraiser’s FAQ.

Melecia Johnson Team, October 7, 2024

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the $$$ so that you can take down that “for sale” sign on your new home.

Get pre-approved

By getting pre-approved by your lender, you will save yourself the effort of looking at homes you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully

It used to be, the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt an average person will accumulate due to credit cards, student loans, etc. means it may be better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when your budget allows. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay upfront at closing) in exchange for a lower interest rate. If you plan to stay in your new home for a long time, paying the points will save you money.

Do your homework before bidding

Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with the help of your Realtor®. Consider sales of similar homes in the last three months. For instance, if homes have recently sold for more than the asking price, your opening bid should probably be close to what the seller is asking if the listing is rather new to the market.

Not sure where to start? Call the Melecia Johnson Team at (954) 980-0006 and keep these tips in mind.

Melecia Johnson Team, October 22, 2024

The mortgage market, always dynamic, has taken an unexpected turn. As of November 16, 2023, mortgage rates have circled back to their recent low points. After a period of fluctuation, this shift underlines the mortgage market’s strong link to broader bond market trends.

Key Developments in Mortgage Rates

Rapid Reversion to Low Rates: After an impactful day earlier this week, amplified by retail sales data, mortgage rates have impressively returned to their previous lows.

Impact of Economic Reports: Mortgage rates show heightened sensitivity to economic data. This was particularly apparent with the recent higher-than-expected jobless claims and other indicators pointing to growing economic headwinds.

Bond Market Reactions to Economic Trends: Usually, economic downturns favor bond rates. This pattern was evident as the bond market returned from losses, aligning interest rates with their most favorable recent levels.

Current State of Mortgage Rates: Lenders are currently offering some of the lowest rates seen in nearly two months. Specifically, premium 30-year fixed mortgage rates are now comfortably below 7.5%. Yet, these rates are prone to daily changes due to market volatility.

Forecasting Future Rate Movements: Significant changes in mortgage rates are unlikely until critical economic data is released in early December.

This situation underscores the complex relationship between economic indicators, the bond market, and mortgage rates. For those looking to buy a home or refinance, this period presents a potential opportunity, but it’s important to navigate carefully, given the market’s unpredictability.