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Bob explains that the way the law is written, some people think they have 2 years to port their tax savings or Homestead Cap to the new home. But in reality, you have 2 tax years. As we are coming close to the end of the year, if you were to close on a home between now and Dec 31st, you have until the end of next year and not 2 full years. You will have a year and 2 months.
Tax Year vs Annual Year
Some people forget timing of tax year vs annual year which are not the same thing. This is one of the things to take into consideration when you are thinking of purchasing towards the end of the year.
Consumers get focused purely on the price that they forget about those little terms and timelines that could cost them money. An example of this is when someone wants buy a home and moving up and they also need to sell their home in order to bring their homestead over to their new home. The window shrinks as they move towards the end of the year.
Andrew shares that he has seen this before where some people go back and forth for weeks for a couple of thousand dollars when in fact, in those two weeks, they have missed filing for their Homestead which could have saved them a lot more money.
For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
*The Duncan Duo and RE/MAX Dynamic has moved. As of 10/11/2014, our new address is 6320 S Dale Mabry Hwy, Tampa, FL 33611