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Retroactive Portability Deadline looms

Thousands of Central Floridians who recently moved within the state are claiming a new portability tax break that voters recently approved at the ballot, but thousands more who could be eligible haven't gotten their paperwork in.

Because confusion still surrounds the property-tax package passed Jan. 29, county property appraisers say those who miss Monday's deadline will likely get more time. How much, however, is unclear.

"We're going to be as lenient as possible," said Orange County Property Appraiser Bill Donegan. "My fear is always, people are going to find out about this in June."

By then, it might be harder to secure the added tax break, and homeowners will at least face added paperwork and a $15 fee if they file late.

The Amendment 1 measure approved by 64 percent of the voters included portability and three other major tax breaks.

Portability can be extremely lucrative for some property owners, because it allows them to carry some of the tax-break savings they have built up in their old home under the Save Our Homes exemption and apply it to their new house.

Save Our Homes, which caps assessment increases at 3 percent a year for homesteads, allowed many longtime residents to keep the assessed value of their home far below market rates. Florida residents who already had a homestead exemption but bought a new home in 2007 are retroactively eligible to carry that savings to a new primary residence.

Homebuyers who closed in late 2006 are out of luck. First-time homebuyers and newcomers from out of state don't get the portability break, either.



 
 
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