Great News: Florida's Amendment 1 Passed! It's a Good Start!
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So what should you do to receive benefits of Amendment 1?
Citizens voted January 29, 2008 to change the property tax system in Florida. To receive some of the benefits of the changes enacted January 29th, certain citizens must have taken action by March 1, 2008 (Brevard extended this deadline indefinetly due to a lack of response; most people just don't know what to do).
The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:
1. Increased homestead exemption
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.ht ml.
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Property Tax Reform is finally here! It's soon time to make a choice - Homestead or Super Homestead Exemption!?
As you know, Florida's property taxes have risen considerably within the past several years. The bottom line is that local municipalities have grown at far too quickly a rate. The rate of increase has far surpassed the increase in household incomes. This is an unfair broken system. They never should have had the budgets they did because the broken tax system was manipulated.
Therefore, fixing the system has been at the forefront of the Florida legislature's agenda. Two separate special sessions of congress have been completed over the past several months for a small "immediate" tax relief and greater relief which must be passed by voters (January 29, 2008) for inclusion as a Florida constitutional amendment. This is the part of the tax relief that deals with homeowners choosing either their current Homestead Exemption or a Super Homestead Exemption.
It is important to learn how these measures personally affect each and every one of us at both the state and local levels, because the best choice could save us a lot of money. Here I'll explain the details of this legislation and keep you up to date with the latest developments.
*But first, please click on the following video link to view the extremely informative interview of property tax reform advocate, Speaker of the House Marco Rubio (right after the Gov. Crist footage):
*View my Letter to the Florida House of Representatives and Senate for meaningful property tax reform, after the initial special session of congress completed summer 2007:
Letter to FL Legislature
*Click on the following link to view additional property tax reform articles from several media sources:
Recent Property Tax Reform Articles
*Click on the following link to view the the Property Tax Calculator, to see how these changes will affect your individual property taxes (The Tax Divide - Florida Today):
New Property Tax Calculator