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Friday, February 29, 2008

Looking at Homes for Sale? Find out how our new tax law will benefit you!

What you should do to receive benefits of Amendment 1

Many buyers we have that are looking at homes for sale in the Tampa Bay area are also looking at how Amendment 1 will benefit them. I hope this will clarify some of your questions and also encourage people who are looking to buy homes.

Citizens voted January 29th to change the property tax system in Florida. To receive
some of the benefits of the changes enacted January 29th, certain citizens must take action
by March 1, 2008.

The Constitutional amendment created four new opportunities for taxpayers to obtain tax

1. Increased homestead exemption to 50,000
2. Portability of “Save our Homes” benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property

What taxpayers must do to receive these new benefits:
1. Increased homestead exemption – Homeowners that are currently receiving the
homestead exemption will automatically receive the increased homestead
exemption. No action is necessary.

2. Portability of “Save our Homes” benefits – If you received the homestead
exemption in 2007 on a home that you sold or otherwise abandoned during 2007
and have purchased a new home by January 1, 2008, you are eligible to take some
or all of the benefit of “Save our Homes” to your new home. In order to receive
this benefit, you must apply by March 1, 2008 to your property appraiser for
your new homestead exemption and for the transfer of the “Save Our Homes”
benefit to your new homestead for 2008.

3. $25,000 exemption for tangible personal property – Tangible personal property
taxes apply only to certain taxpayers in Florida – typically businesses and certain
owners of mobile homes. The tax does not apply to homesteaded property. In
order to receive the $25,000 exemption for tangible personal property, taxpayers
subject to the tax must file a tangible personal property return with their
property appraiser by April 1, 2008.

4. 10% limit on annual assessment increases for non-homestead property – The 10% limitation does not apply until next year. No application is necessary for 2008.

If you have any questions about what action you must take to receive these new benefits,
please contact your local property appraiser. For information on how to contact Florida’s
property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.

Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question? Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan

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Prudential Tropical Realty

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