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
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 here…. Portability Application and Instructions Portability 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 and every year after. The average savings for most homesteads in Hillsborough County is $250 – $300 depending on the millage rate (which won’t be set until September).
10% Assessment CAP for Non-Homestead property – An application is required for the 10% CAP. For more detailed information about Amendment 1, click here for the Department of Revenue website.
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, Realtor.
Search MLS, see what homes are selling for in your neighborhood..
Prudential Tropical Realty
You May Also Want To Read:
- None Found
Got a Question? Email Us or Search All Homes For Sale
{ 2 comments }
I’ve been involved in taxations for lengthier then I care to admit, both on the individual side (all my employed life-time!!) and from a legal standpoint since satisfying the bar and pursuing tax law. I’ve supplied a lot of advice and redressed a lot of wrongs, and I must say that what you’ve posted makes complete sense. Please uphold the good work – the more individuals know the better they’ll be equipped to cope with the tax man, and that’s what it’s all about.
Great article! Thanks.