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Florida’s Homestead Portability Law’s

Florida’s Homestead Portability Laws, also known as the “Save Our Homes Portability” provision, were implemented in 2008 as an amendment to the Florida Constitution. These laws allow homeowners to transfer their “Save Our Homes” benefit, which caps the annual increase in property taxes on a primary residence, to a new primary residence within the same county or to a new county within the state.

To qualify for the Homestead Portability benefit, homeowners must have established a Homestead Exemption on their previous primary residence and must apply for the benefit within three years of January 1st of the year you abandoned the old homestead (not three years after the sale).

Example: You leave your property in November of 2020, the Homestead stays on the property through December 2020. You have until January, 1st 2023, to establish a new Homestead and “port” the benefit over to the new home. In the meantime you can buy another property, rent or even move out of State, and still return in time to re-apply the assessment difference.

The benefit is calculated based on the difference between the assessed value of the previous primary residence and the new primary residence, and it can be transferred to the new primary residence for up to three years.

Note: The “Homestead” can be the same property. We previously helped a client who had rented out their property for one year, which caused the loss of the Homestead Exemption, but was able to re-apply the following year and re-gain the assessment difference. However, doing this will likely result in a higher base market value, so this is not recommended unless truly necessary.

This law is intended to help Florida residents who are looking to downsize or move to a new area without having to sacrifice their “Save Our Homes” benefit, which can provide significant savings on property taxes.

Overall, Florida’s Homestead Portability Laws provide an opportunity for homeowners to take advantage of the “Save Our Homes” benefit when moving to a new primary residence within the state, helping to ease the financial burden of property taxes. However, it’s always important to check with the local property appraiser to understand the specific rules and regulations for your county.

You can read more about the process and see more frequently asked questions on the Miami-Dade County Property Appraiser website.

January 12, 2023
Email of the Week: 09-06-2022 – The Easy Part

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Quote of the Week

Knowledge is knowing a tomato is a fruit; wisdom is not putting it in a fruit salad.
– MILES KINGTON

Website of the Week

AD AURIS – Copy a news article and paste into their system, and you’ll get a decent spoken translation. Great for those news articles you don’t have time to read but do have time to listen to in your car.

Don’t sleep on it, you still have time to APPEAL YOUR PROPERTY’S 2022 ASSESSED VALUES

September 6, 2022
Email of the Week: 09-01-2022 – Real Estate Tax Season Has Arrived

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Example TRIM Notice

Look for this notice in the mail or check the Website of the Week for the 2022 estimate of real estate taxes for your properties.

Quote of the Week

“Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes,”
– Ben Franklin

Website of the Week

Miami-Dade Property Appraiser Search – If you have not received the notice, you can check the new proposed values here. For the estimate of the new taxes, find the TRIM Notice below the aerial image.

APPEAL ASSESSED VALUES

September 1, 2022
CAN YOU NAME THE SINGLE LARGEST EXPENSE OF PROPERTY OWNERSHIP?

As companies and institutions acquire real estate assets, either though purchase or defaults, the cost to hold these assets have a dramatic impact on net profits. These costs include maintenance, insurance, management, utilities and real estate taxes.

Most of these costs can be deferred or controlled. For example, if a property is vacant the required maintenance is nominal, insurance can be based on revised asset values, management costs are a function of rental income and utilities are based upon occupancy. The only cost that must be paid but can be reduced is for real estate taxes.

Real estate taxes are a function of the assessed value multiplied by the millage rate. The assessed value is established by the local government property appraiser, and the millage or tax rate is set by the taxing agency or government. The millage rate changes each year with government needs. As an individual, it is extremely difficult to influence the millage rate. However, the assessed value of real estate can be reduced, resulting in a lower tax bill or a refund.

The Miami-Dade County property appraiser is responsible for the valuation of a very large number of properties. For example, in Miami-Dade County alone there are more than 880,000 parcels. This requires that properties are appraised on a mass-appraisal basis. However, because each property is unique, the application of mass-appraisal techniques can create errors.

Some of these errors or issues can include the condition of the property on January 1st of the tax year, the actual size of the improvements and/or site area, the depreciated cost of the improvements, the assessment for the land, the net operating income and the tax assessment compared to comparable sales.

A property asset manager is responsible for producing the maximum net operating income for the property. To achieve this, it is prudent, for the nominal cost of filing an appeal petition, to appeal the assessment each year. The appeal presentation before the Special Magistrate can be prepared by the property manager, or an agent specializing in the tax assessment appeals can be retained.

Typically, agents are compensated with on a percentage of the real estate tax savings. This percentage ranges with 20% to 50% depending on the size and complexity of the assignment. If there are no savings, then the cost is the nominal fee of $25 to file the appeal petition. If you would like more information, please feel free to give us a call.

-Thomas J. Dixon

August 24, 2022
COMMERCIAL PROPERTY TAX APPEALS

Is your tax bill growing faster than your NOI?

We have had some unprecedented things happen in the real estate market between 2020 and 2022. In January 2020 we hosted the CIASF annual Industrial Market Report and presented data on the state of the industrial sales and leases in 2019. The consensus was purely positive. But then… March rolled around and COVID-19 shutdown the world. A black swan event that no one could’ve planned for. With the world supply chains grinding to a halt and cities around the globe instituting isolation protocols, no one knew what would become of offices, retail shops and industrial buildings and really the entire range of the economy.

The Fed swooped in to keep the monetary system moving and added nearly 4.5 trillion dollars to their balance sheet between 2020 and 2022. Pretty much any asset priced in dollars bounced back within a few months. But they kept the printing machine going, and only just this spring began to cut back on the Quantitative Easing, that really began in 2009 but when full force in 2020.

As things opened back up, instead of everything returning to where we were, we had a rapid increase in demand for industrial and housing.

All this easy money and new demand created rapid growth in the stock market between 2020 and 2022. And along with it, so did sales prices of all types of real estate in South Florida.

Now guess what happens when sales prices go up in Florida? The Property Appraiser office hears all about it, and they start taking this all into account when feeding data into their Computer Assisted Mass Appraisal (CAMA) system.

They can put off raises to taxable values only so long, but with the record-breaking headlines hitting The Real Deal and The Miami Business Journal each week and especially so in 2022 (even as the stock market began to falter and drop into bear market territory) it was hard to keep back the raises.

Here we are at tax time, with CPI readings from hitting highs not seen since The 80s and the costs for repairs and materials, insurance, and other unavoidable expenses rising 10-20% per year the last two years.

Expenses outpacing the ability to raise rental rates?

If you found out that on top of these rising costs your real estate bill, typically the single largest expense for a landlord in Florida (we have no income tax to help fund the government) is also going up 20% what would that do to your returns?

Despite the headlines blaming landlords for predatory rents increases across the county, real estate is a balancing act of a business, either the rents increase to cover the increase in costs or cash flows decline so much that the value someone is willing to pay for an asset drops, possibly dragging a much larger chunk of the economy with it.

But not everyone is willing or able to raise rates to keep pace with their in increasing expenses.

Some landlords are locked into long term leases or situations where their ability or desire to continually chase higher rental rates can’t keep up with costs. If you’re in this predicament and your tax bill is out pacing your NOI growth, contact us before September 15th to help.

Dixon Commercial Real Estate has, for over 20 years, provided real estate tax appeal services in Miami-Dade County and knows all the best angles to at least keep your taxable values in line with your property’s ability to provide cash flows. We have saved owners thousands of dollars each year and can do the same for you. We handle all types of property, commercial, residential and vacant land, sign up now before the deadline passes.

You check your current assessed values at the Miami-Dade Property Appraiser website now, and the estimated taxes by clicking the TRIM Notice in the Online Tools section.

Unfortunately, there’s nothing we can to do to lower the cost of your landscaper, repairman, insurance premium or rising borrowing costs.

August 24, 2022
SOLD: NW 25th St – Land Banking Opportunity
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SOLD: SPRING 2023

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8.92 Acres
Land Bank Opportunity

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SITE DETAILS

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ZONING: Unzoned Agricultural (Outside the UDB)

LOCATION: Just East of 137th Ave and North of NW 25th St.

SITE SIZE: 388,555 SF / 8.92 Ac
- Lakefront GU – Unzoned agricultural land just outside the current Urban Development Boundary
- Adjacent to NW 137th Ave and NW 25th Street
- Near to Amazon, Goya Foods, Beacon Lakes, The Dolphin Mall, and the 137th Ave Exit of the Dolphin Expressway and the future Target Site at SW 8th St and 137th Ave.
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Price : $975,000

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Call Andrew Dixon: 305.443.4966

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August 10, 2022
Email of the Week: 04-19-2021 – We’re Back

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Picture of the Week

Thought of the Week

I love money. I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too. –Steve Martin

Website of the Week

Unclaimed.org
We’ve posted about this for Florida before, but this site helps you find the unclaimed property site throughout the US.

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April 19, 2021
Email of the Week: 06-29-2020

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Picture of the Week

There are 16 circles hidden in this picture. Can you find them?

Thought of the Week

The scientific theory I like best is that the rings of Saturn are composed entirely of lost airline luggage.

MARK RUSSELL

Website of the Week

A little self-promotion this week. We’ll find something new next time.

https://dixoncommercialre.com/6495-sw-84-st/

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June 29, 2020
SOLD: 6495 SW 84th St – 14,500 SF for Redevelopment of up to 4 Units

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SOLD

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Redevelopment Land

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SUMMARY

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Dixon Commercial Real Estate is pleased to present a development opportunity in the residential area between the cities of South Miami and Pinecrest.

The property has a tentative plat approval for the development of two duplexes for a total of four units.

With street frontage of 140’ along the east side of SW 65th Avenue and frontage of 104’ along the north side of SW 84th Street there is the potential for a variety of designs.

New single family homes in the area have sold from $1,800,000 to $2,500,000.

Water and Sewer on-site.

Download the PDF for a printable flyer and the site survey of the possible division.
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Price : $1,200,000

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Call Us: 305.443.4966
Andrew Dixon or Roger Lopez

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June 24, 2020
Tax Appeals and COVID-19 Shutdowns

Photo by christian charles on Pexels

Dear Clients and Friends

The coronavirus pandemic has caused unprecedented and unexpected disruptions to almost every facet of our lives and this will surely flow through to the relationships between tenants and landlords and ultimately the valuation of real estate.

We hope that all our valued owners and managers will do everything they can to keep tenants in place and hopefully everyone gets back to work safely and soon.

Your real estate taxes for 2020 will likely be unaffected by the disruptions and the governments’ mandated stay-at-home orders because the real estate values are based on January 1st of each year, and by all accounts real estate, especially industrial properties in South Florida, were at phenomenal levels at the end of the 2019.

However, the 2021 appraised values for tax assessment purposes will need to take into account the lost cash flows, and loss of subsequent value that may occur as a result of tenants being shutdown or landlords proactively cutting rents or providing other incentives.

We expect to have a very active tax appeal season for the next two years because of this, and we urge all returning and new clients to attempt to keep notes on how the shutdowns have affected their properties and any deals they are making with tenants. Most appeals will rely on factual numbers to analyze property but personal stories are helpful as well.

We hope everyone is able to stay safe and healthy.

Please email us if you have any questions or concerns.

June 17, 2020