Correcting Market Value Errors to Maximize Portability Benefit

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Client Background

Our client, Mr. Johnson, a homeowner in Florida, was planning to sell his old property and purchase a new one within Florida. Mr. Johnson was advised by his realtor to contact My Exemption Check for peace of mind when moving and filing for various exemptions on his new home, unaware of any issues with his current property’s tax assessments.

Client's Situation

Mr. Johnson, like many homeowners in Florida, was eligible for the Save Our Homes (SOH) portability benefit, which allows homeowners to transfer some of the tax benefits from their previous homestead exemption to their new property. However, the portability benefit calculation is based on the difference between the market value of the old property and the new property.

Our Approach

Upon receiving Mr. Johnson's request for an exemption check, our property tax experts conducted a thorough analysis of his property tax assessments:

1. Exemption Check and Market Value Analysis: We reviewed the details provided by Mr. Johnson, including information about his old and new properties, their assessed values, and other relevant data. In addition to the exemptions on the new property Mr. Johnson is eligible to receive, our analysis revealed errors in the market value assigned to the property he is preparing to sell.

2. Documentation and Correction: After informing our client of the costly errors he was facing we initiated contact with the Property Appraiser's office to address the identified errors. We provided comprehensive supporting evidence to demonstrate that the market values required adjustment to accurately reflect the fair market value of the old property.

Results

Our diligent approach led to significant positive outcomes for Mr. Johnson:

- Market Value Correction: By identifying and presenting supporting evidence for the inaccuracies in the market value of his old property, we successfully advocated for a correction.

- Enhanced Portability Benefit: The correction of the market value errors resulted in a more accurate and favorable calculation of Mr. Johnson's portability benefit. This ensured that he could maximize his benefits when purchasing his new property.

- Client Satisfaction: Mr. Johnson expressed his satisfaction with our services, as he now had confidence in the accuracy of his property tax assessments and the ability to save on his upcoming property tax expenses by thousands of dollars EACH YEAR that he would have lost forever if not correct in time.

Conclusion

This case underscores our commitment to identifying and rectifying property tax assessment errors to help homeowners like Mr. Johnson maximize their benefits. By correcting market value errors and providing compelling supporting evidence, we ensured that Mr. Johnson could take full advantage of the portability benefit when transitioning to his new home. Our property tax exemption company remains dedicated to helping homeowners secure accurate assessments and minimize their property tax liabilities.

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