Tips for Current and Future Homeowners on Portability and Just Market Value Affecting YOUR Taxes!
Below we’ve included this month’s infographic on Orlando Housing! Before that, take a quick look at how you could save big time when paying taxes on your next home! Especially in regards to Portability, Tax Trim Notices and Just Market Value.
Tax Trim Notices are mailed out by the end of August, and will show you your Just Market Value. If this Just Market Value is less than 85% of what you think your house’s estimated value, then when you decide to sell, you might be overpaying on taxes if you don’t get this value adjusted!
How does this break down? Here’s an example: let’s say your house is worth $400,000. If your Just Market Value is $250,000 according to your Tax Trim Notice, then you can find out how much you are overpaying as follows:
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month December be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.