How does the new amended tax reform affect you?
In case you don't know, Florida voters just adopted a property tax reform measure which may mean translate into substantial savings if you purchased a home last year.
The amendment calls for an additional $25,000 homestead exemption applied to the assessed home value above $50,000, and is effective for the first time in 2008. Homesteaded owners who plan on continuing that exemption on the property for 2008 do not need to do anything. The exemption will appear on the TRIM notice (Notice of Proposed Property Taxes) mailed next August.
But if you did all of the following:
• Sold or vacate your homestead property on or after Jan. 1, 2007?
• Were you living in a new residence on Jan. 1, 2008?
• Will be filing a homestead exemption for a new residence in Florida?
then visit www.sarasotaproperty.net (for Sarasota residents), or www.manateepao.com (for Manatee residents) and download the homestead exemption and portability application.
If you moved to another county in Florida, please visit the property appraiser's website for that county by clicking http://dor.myflorida.com/dor/property/appraisers.html.
The amended property tax code creates “portability” of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead property to another. This law is retroactive to Jan. 1, 2007.
Homeowners may transfer their SOH benefits to a new homestead in Florida within two years of leaving their former homesteads. This means if you sold your home in 2007, you can transfer your SOH benefit to a new homestead if you establish the homestead by Jan. 1, 2009.
For more information, visit the Florida Department of Revenue’s special web page by clicking http://dor.myflorida.com/dor/property/sb4d.html.