Take Advantage Of This New Tax Law Break

If you sold a home in 2007 and purchased another property that qualifies as a homestead, the portability provision of the new tax amendment kicks-in for you. It is retroactive to January 1, 2007.

As a seller, you can transfer your Save Our Homes credit provided:

• The residence sold in 2007 was homesteaded;
• Your new residence qualifies as a homestead as of January 1, 2008;
• You apply for the exemption with the county property appraiser by March 1, 2008.

How much is the credit? The credit is the difference between the assessed value of your homesteaded property and the market (or "just") value.

For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.

-30-