SEV DROP:

Crazy but true. We’ve been filing for refunds when sellers have a:

• Lower SEV when they sold than when they bought
• Sell for less than or equal to: Actual Cash Value ( ACV is SEV X 2 in most locations – sell for more and no refund available)
• Home has always been homestead/main residence/ non rental property

How much will be saved ?

• the state .075% portion of your .086% at closing transfer tax

Whats needed ?

• Proof of SEVs on the way in and out

Can I guess ?

• 20 % penalty if you are wrong ( plus our fee wasted )

There are useful applications to this for buyers/ sellers/ investors.

MULTIPLE PRINCIPLE RESIDENCES:

If you are a seller and have moved into a new home awaiting a sale on the old home, you may qualify for principle residence exemption on BOTH homes whilst you await the sale.

Only makes sense.