Im having a new house built and expect to close the deal in the middle of the year. Can I get the Portability benefit from my previous house during that first year?
A. No. Keep in mind that January 1 is the date that all property values and exemptions are established. There is no Portability or Homestead Exemption benefit for the first year. You will pay the prorated property taxes on the new residence until the end of that year. In a case where the property you buy after January 1 is an existing residence with an established Homestead Exemption, the homestead benefit and its 3% cap on its assessed value would be reflected in your prorated tax bill.
