fbpx
Image of teacup and a phone placed on a white table with the ORRA logo on the top right.

Market Report – Orlando Real Estate August 2021

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:
 
Adj. Market Value: $400k x 85% = $340k
 
The difference between this amount and the Just Market Value is the amount of Portability that you are leaving behind if it goes unadjusted.
 
Amt. of Portability: $340k – $250k = $90k
 
When you apply Florida’s average total tax rate
to this number:
 
$90k x 2% = $1,800
 
This is the amount that you’ll be overpaying in taxes every year, for the rest of your time in that home!

This is an infographic showing current statistics for the real estate housing market in Orlando, FL for the month of August 2021.

 

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.


SEARCH FOR HOMES


WANT TO KNOW WHAT YOUR HOME IS WORTH?