On January 29, 2008, citizens of Florida passed an Amendment relating to property tax with four parts.
The following is a summary of the Amendment's tax reform provisions. For more information and details, please see the Florida Department of Revenue (DOR) webpage.
1. Additional $25,000 Homestead Exemption
- If you have homestead exemption, do nothing. The exemption will be automatically applied on the assessed value between $50,000 and $75,000. It does not apply to school taxes.
Homestead property owners are able to transfer their Save Our Homes (SOH) benefit (up to $500,000) to a new homestead within two years of giving up their previous homestead.
If the just value of the new homestead is more than the previous home's just value, the entire cap value can be transferred.
If the new homestead has a lower just value, the percentage of the accumulated benefit may be transferred to the new homestead.
Homeowners may transfer their SOH benefit to a new homestead anywhere in Florida within two years of leaving their former homestead if the new homestead is established by January 1. For example, if you moved during 2011, the exemption remains on your home until December 31, 2011. You have until January 1, 2013 to qualify for a new exemption and port the benefit to a new homestead. This provision applies to all taxes, including school taxes.
For property owners who have the homestead exemption and the Save Our Homes cap, and who do not give up their homestead, the exemption and cap status remain unchanged.
What to do:
- A separate application must be completed by March 1 to qualify for portability.
- If you own another property (2nd home, beach house, etc.) and establish your homestead there for 2012, you can remove the homestead from the old property and apply for the portability benefit.
DEADLINE TO APPLY FOR PORTABILITY IS MARCH 1
3. Tangible Personal Property Exemption:
A $25,000 exemption is provided for each tangible personal property return. This provision applies to all taxes.
- To qualify for the Tangible Personal Property (TPP) exemption, Mobile Home and Business TPP property owners must complete and return to the Property Appraiser their annual Tangible Personal Property Return by April 1.
4. Assessment Cap for Non-Homestead Property
Non-homestead property will have a 10% assessment cap (similar to Save Our Homes). This provision took effect for the 2009 tax roll. This provision does not apply to school taxes.
No application is required to receive the benefit of the 10% cap. It will automatically be applied by our office. The Cap is removed when a property changes ownership or changes use.
When a property changes ownership through any means other than a recorded deed, the owner must file a Change of Ownership or control Form (DR-430), which is available on DOR's website.
The 10% cap will sunset after 10 years, when it will be presented to the voters for re-approval. Most residential properties will be reassessed at just value when they are sold; commercial property and residential properties with 10 or more units will be reassessed after a significant improvement or a change of ownership.
Links to additional information: