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Tuesday, February 19, 2008

Understanding Florida's New Tax Laws-Tampa, Fl

Everyone has money on their minds today and one of the ways property owners can save money this year by taking advantage of our property new tax laws.

Here's how you can save whether you are buying, selling or staying put in your own home.


On January 29th, citizens of Florida approved Amendment 1. This property tax amendment has four parts. Below is what you need to know about each provision.

Portability - Allows Florida homeowners to transfer their Save Our Homes CAP to a new homestead. If you had a homestead exemption in Florida in 2007, and are applying for a new homestead exemption for 2008, then you may qualify.

To benefit from portability, an application is required. Click the link below to download the application. To learn more about portability, click the Frequently Asked Questions link below.Portability Application and InstructionsPortability Frequently Asked Questions

Additional $25,000 Homestead Exemption - If you have a homestead exemption, there is no action required on your part to obtain the additional $25,000 homestead exemption. The exemption will be automatically applied to your assessment for 2008. The average savings for most homesteads in Hillsborough County is $250 - $300 depending on the millage rate (which won't be set until September).

Tangible Personal Property Exemption - To qualify and obtain the $25,000 Tangible Personal Property (TPP) exemption, business owners should complete the annual TPP Return and send it to the Property Appraiser's Office by April 1st, 2008. If a taxpayer files a TPP return in 2008, and the assessed value is determined by the Property Appraiser to be less than or equal to $25,000, the taxpayer is not required to file a return in subsequent years unless newly purchased assets cause the total value to exceed $25,000.

10% Assessment CAP for Non-Homestead property - An application is required for the 10% CAP, however, the application has not yet been provided to our office by the Department of Revenue. The CAP will not be effective until 2009, so the deadline to file has been extended to March 1, 2009. Once an application is provided to our office by the Department of Revenue, it will be available on our website.

For more detailed information about Amendment 1, click here for the Department of Revenue website.

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Rae Catanese and Michelle Jordan

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