Florida's Amendment 1 - What It Means to You

Homestead Exemption Florida Application - Florida's Amendment 1 - What It Means to You

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On January 29, voters spoke loud and clear. Amendment 1 passed with nearly 65% of the vote - an astounding percentage. With the tube of Amendment 1, many citizen will be seeing some major changes in their tax bills. Are you one of them? Here's quick rundown on the four sections of Amendment 1, what each section is, and how it might apply to you.

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Homestead Exemption Florida Application

Part 1: Portability

The first part of Amendment 1 allows those who received a homestead exemption to transfer their Save Our Homes advantage to a new home under positive conditions. Under the old system, many citizen were "trapped" in their homes - unable to move because a move would mean a drastic growth in their taxes. The large growth in tax was due to the yearly 3% cap that a homesteaded property is privy to. So if property values increased more than 3% every year, a homesteaded property's assessed value capped out at 3%. You can see that a homeowner that has resided in a home for a amount of years would see a immense tax advantage by means of a lower assessed value. Under the old plan, each time you purchased a new home, you lost any accumulated tax advantage from your old home and the assessed value reset to the shop value of your new home.

Under the new amendment, you get to take your accumulated tax advantage with you as long as you apply it to someone else homestead within two years. A seeder that had homestead exemption in 2007, and who whether sold or abandoned their homestead in 2007 will be eligible to take their Save Our Homes advantage with them if they move to a new home in 2008 and apply for homestead portability. From 2008 onward, you can take your Save Our Homes advantage with you as long as you transfer it within the same year or the following year.

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" advantage to your new homestead for 2008.

In order to take advantage of portability, you have to make two detach applications - one for your new homestead exemption, and one to transfer the Save Our Homes advantage for 2008. You'll find the application forms Dr-501T and Dr-501R on the Florida agency of earnings website.

Here's a quick Faq regarding portability:

1. How much is the portability advantage worth?

You can transfer up to 0,000 of portability advantage to a new homestead. If your new homestead is worth more than your old one, you transfer the dollar amount. If your new homestead is worth less than your hold one, you transfer the percentage. For instance: your current homestead is assessed at 0,000, but under Save Our Homes, 0,000 of that is exempt. If you move to a new home that is assessed at 0,000, your portability advantage will be 0,000. If you move to a new homestead that is assessed at 0,000, your portability advantage will be 50%, or 0,000.

2. Is the convert of homestead and transfer of Save Our Homes automatic?

No. You need to apply for each advantage separately.

3. How do I apply for portability?

You naturally turn in a completed application form to the office of the county appraiser in the county in which your new homestead is located.

4. Does portability only apply if I buy a new home?

No. If you already own a second property, you can transfer your homestead exemption to one property to the other and transfer the Save Our Homes advantage as well. Make note that your Homesteaded property must be your traditional residence.

5.Am I eligible for portability this year?

If you filed to give up your old homestead after January 1, 2007 and are claiming a new homestead for 2008, you're eligible, but you have to file your application for portability by March 3, 2008.

Part 2: added ,000 Homestead Exemption

The second part of Amendment 1 is an added ,000 homestead exemption. The exemption is ready to anyone who is already claiming the traditional ,000 exemption. In order to claim it, you don't have to do anything. It will automatically be applied to your 2008 tax assessment. In Hillsborough County, the midpoint savings will be 0-300 per household. This is how it will be calculated:

First 25,000 of value - exempted from taxes

Second 25,000 of value - fully taxable

Third 25,000 of value - exempted from all taxes except the school taxes

Why isn't the second 25,000 of value exempt? It is designed to safe cities and towns within Florida that may have many lower assessed property values, particularly in more rural areas. If the irregularity applied to the second 25,000 of value, many of these cities and towns would not accumulate sufficient earnings to run their local governments.

Why does the second 25,000 exemption still allow for the schools taxes to be collected? uncomplicated talk is that the earnings is needed to fund our schools.

Part 3: Tangible Personal property Exemption

According to the Dor:

Tangible personal property is all goods, chattels, and other articles of value. It includes: machinery, equipment, furniture, fixtures, signs, window air conditioners, supplies, leased, loaned, borrowed, or rented tool used in a business, mobile home attachments on rented land (carport, screened porch, Florida room, etc.) furniture and appliances in rental properties.

The third part of Amendment 1 is a ,000 exemption on all tangible personal property. Company owners must unblemished the Tpp return and file it by April 1 each year. If it's thought about that your total tangible personal property is less than ,000, you won't have to file again. The first ,000 of tangible personal property is exempt from taxation under Amendment 1.

Part 4: 10% Non-Homestead assessment Cap

The final part of the amendment is a 10% limitation on assessment of non-Homestead property, both residential and non-residential. As of January 1, 2008, state law requires that all non-homestead property be assessed at just shop value, and be reassessed annually, but the convert resulting from the reassessment can not exceed 10% of the current assessed value, and the assessed value can not exceed the shop value. In 2009, owners of non-homestead property will be able to apply for the 10% non-homestead assessment Cap.

In practical terms, that means that as of January 1, 2008, the assessed value of your non-homestead property will be equal to its shop value. If your property is appraised at 0,000, it will be assessed at 0,000 for tax purposes. In 2009, if you apply for the 10% Cap, the property assessment can not be any higher than 5,000 - 10% above this year's assessed value - no matter how much the shop value increases. If the shop value of the property is less than that, then the assessed value can be no higher than the shop value.

You'll find any forms needed to apply for the various exemptions at the Dor web site or at your county appraiser's web site.

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