 |
|
|
Questions & Answers On January 29th, the voters in · Doubles the homestead exemption to $50,000; · Gives homesteaded owners the "portability" to move Save Our Homes benefits to a new homesteaded property; · Grants businesses a $25,000 break on tangible personal property taxes; · Caps increases for non-homesteaded properties to no more than 10%. Most importantly, the proposal fully preserved our existing 3% Save Our Homes cap. Both buyers and homeowners have many questions regarding these new tax changes and the following should shed some light on how this will affect property owners. When will my homestead exemption increase? Homesteaded owners do NOT need to apply for the additional savings, as the $50,000 homestead exemption will take effect with the tax bills mailed out this November. Recent buyers who began living in their home on January 1st or earlier need to apply for homestead with the Property Appraiser´s Office. The deadline for filing is March 1st. How much can I expect to save? The increased homestead exemption is worth about $308 to the typical I haven´t paid my 2007 tax bill yet. Can I return it and get the new tax breaks? No. The tax breaks take effect in November when the 2008 tax bill is mailed out. When can I take advantage of portability? Immediately! Anyone who sold their home and moved within the state in 2007 can apply now to transfer their tax breaks from their old home to their new one so that the effect is seen on the 2008 tax bill you receive in November. Anyone who moved within the state after January 1st can apply and the transfer will take effect on their 2009 tax bill. The constitutional amendment allows residents to transfer up to $500,000 in value exempt from taxation through Save Our Homes. To find out how much in savings, go to the following website: · Click Property Search, then Accept · Click Owner Name, type in your last name, click Search · Click your Property Folio Number · In the "box" at the top of the screen, click the last Portability Estimator · For homesteaded properties, the program enters your 2007 Just Value and SOH Value; all you do is enter the New Home Purchase Price · Click Calculate to show your savings This calculates your taxes on your new home with portability! How do I apply? Go to www.bcpa.net to download the application and send it to the Property Appraiser´s Office. Will there be more tax relief? Possibly. Waiting in the wings will be the Florida Taxation and Budget Reform Commission3; the most powerful governmental body most people still know nothing about. The 25-member panel, which has the power to place constitutional amendments directly on the ballot, will start airing out several transformational approaches to cutting property taxes. Whether your desires are to move to a bigger house or downsize to a smaller one, relocate closer to work or move to your preferred school district, let me help you make that change. The voters have spoken - portability is your choice!
|