"miamicuse" wrote in
:

I have a home with I bought in 1996 and it's currently assessed at
about 250K but the market value should be around 400K. Florida has
this SOH (Save Our Home) rule that prohibits a home from raising more
than 3% a year in assessed value. Earlier this year I bought another
home at 450K so I know next year it will be taxed at 450K. Both homes
are in south Florida one in Broward County and one in Miami-Dade.

I am remodeling the new home now and it will be another six months
before it will be ready to move in. Then I will plan to sell the
current home but with the current market trend it may be hard to sell.

My question is should I keep the current home for homestead exemption
now even though the new home will be taxed at it's full sale price
because if I apply for Homestead for the new home, the existing home
tax will suddenly jump to 400K? So it is better to not change my
current exemption until I sold the current home? Do I have my logic
right?

Thanks,

MC




Why are you asking tax related stuff in a repair NG? Why not a tax NG?

And don't you think for that kind of impact it might be better to ask
your tax advisor? It's not like you can't afford it.