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
relief:

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
Realtors.

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Prudential Tropical Realty



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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.

AMENDMENT 1

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.

see also:

property tax update

resources for statistics in housing market

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
Realtors.

Search MLS
Prudential Tropical Realty



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Enter your Email Address





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