2008 Property Tax Relief - Miami Condo Lifestyle

Update - Important Information on YOUR Property Taxes

On January 29th, Floridians passed Amendment 1, hoping to get much needed relief from skyrocketing property taxes. Below you will find VITAL information on how to receive the benefits of Amendment 1. There is a March 1st deadline to apply for many of the benefits so please read the following information carefully.

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

Increased homestead exemption
Portability of "Save our Homes" benefit
$25,000 exemption for tangible personal property
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.must file a tangible personal property return with their property appraiser by April 1, 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

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.

HOW DO I TO TAKE ADVATNAGE OF PORTABILITY?

The Florida homestead exemption "Save Our Homes" benefit is now "portable" because of the passage of the constitutional amendment on January 29, 2008. The "Save Our Homes" benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value. Portability means that, from now on, you can transfer some or all of your old home's "Save Our Homes" benefit to your new home.

Apply by March 1, 2008, to transfer your "Save Our Homes" benefit to your new home.

Portability for 2008

Portability first becomes available for homeowners who had a 2007 homestead exemption on their old home and established a new homestead by January 1, 2008.

If you moved into a new home by January 1, 2008, you have through March 1, 2008, to apply 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

.

If you have already applied for a homestead exemption on your new home, you must complete a separate application by March 1, 2008, to transfer the "Save Our Homes" benefit to your new homestead.

Portability for 2009 and after

If you move into a new home after January 1, 2008, and by January 1, 2009, and had a previous homestead exemption in either 2007 or 2008, you must apply for your 2009 homestead exemption and the transfer of your "Save Our Homes" benefit by March 1, 2009.

In future years, you will be able to transfer your "Save Our Homes" benefit to a new home if you had the homestead exemption on your old home in either of the two preceding years.