Noteworthy News and Space Coast Spotlight:

Note from Broker Barbara - Property Taxes, Homestead, & Portability

I recently attended a presentation by Dana Blickley, our Brevard County Property Appraiser. She is an engaging speaker and I always learn something new about some of the latest news in the community along with reminders about property tax valuations. A few quick notes are below:

*Most of us know that homestead exemption can decrease the property's taxable value by as much as $50k. Property taxes on homestead properties may also not increase by more than 3% OR the percent change in the CPI (Consumer Price Index). Note that for non-homestead properties of which there are many along the barrier islands, especially with 2nd homes or throughout the county on investment properties, there is a 10% cap.

*IMPORTANT to note for those occasionally renting their homestead properties as short term rentals; if a homestead property is rented on January 1st and not owner-occupied, an owner could lose the homestead exemption!

*If you are adding someone to a homestead property, be very careful how you title the property. If you add someone incorrectly, only 50% of the property may receive the homestead cap. The type of tenancy is extremely important so get legal advice before any changes!

*Any time a property has a change in title, an owner needs to refile for homestead exemption.

*Homestead Portability applies to any property in Florida as long as you don’t go more than 2 consecutive years without homestead. Max portability is $500k. Value is the difference between the assessed value and market value of a previously homestead property.

Buyers and Developers Continue to Adopt Sustainable Practices

Real estate developers are increasingly prioritizing sustainability in response to growing buyer demand for eco-friendly homes. Features such as solar panels, energy-efficient appliances, and green building materials are becoming standard, driven by a global awareness of the environmental impact of buildings. In locations like Sweden and Puerto Rico, sustainability is an expected aspect of real estate, with buyers willing to pay more for homes aligned with environmental goals. Energy-efficient systems, such as solar and geothermal, are popular but come with a cost, partially offset by government tax credits. The trend extends beyond individual homes, with a focus on creating eco-friendly communities and commercial buildings. Investors are also considering environmental, social, and governance (ESG) factors, leading to increased interest in certifications like LEED and WELL. While sustainability is gaining prominence, the economic value of heavily investing in eco-friendly design may vary by location. 

Dig into Florida landscaping with this garden party of a class series

Sally Scalera will be teaching an eight-week Florida-Friendly Landscaping™ class series starting on April 2nd in Cocoa, Florida. The classes aim to educate participants on sustainable and environmentally friendly gardening practices, promoting soil health, attracting wildlife, and growing a healthy and attractive landscape. The series costs $90, and Zoom tickets are available for remote participation. The series covers essential gardening topics such as the soil food web, composting, vermicomposting, landscaping practices, attracting wildlife, hands-on gardening, landscape design, and much more!

Click Here for more information on registration!

Viera Among Best-Selling Planned Communities in U.S.

Viera was ranked No. 20 on the John Burns list and No. 24 on the RCLCO list. The rankings in these lists are determined by the quantity of home sales as well as other factors that constitute the master-planned communities. The vision of this planned community was first started in the 1940s but has seen a bulk of it's growth in the last 20 years. Viera includes a blend of residential and commercial development, with designated areas reserved for ongoing environmental conservation.