US property warning issued

Article Date : Friday, February 29, 2008

Property owners in Florida are being warned that they must apply for portability of their Save Our Homes tax benefits before March 3rd or risk losing out.

Homeowners who sold a property in 2007 and bought a new one before January 1st 2008 are able to avoid large tax penalties under the Save Our Homes law, which prevents tax assessments on homestead properties from rising too quickly.

However in order to take advantage of the tax savings on offer they must apply to transfer them to their new home before the deadline for applications on Monday.

Those who have already applied for homestead exemption on their new Florida property need to fill in a separate form before this date if they are to take their benefits with them.

Meanwhile property investment in the US state remains buoyant, with sales of existing single-family homes totalling 6,737 and sales of condominiums reaching 2,252 last month, according to the Florida Association of Realtors.

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