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Amendment 1 Benefits
 
Amendment 1 Benefits
 
On January 29, 2008 Florida Voters approved Amendment 1, which made several significant changes to the Florida Constitution regarding property tax laws. The following information is intended to help you understand what must be done and when it must be done in order to take advantage of the benefits from this constitutional provision.

  1. An Additional $25,000 Homestead Exemption
  2. Portability of the Save Our Homes Benefit
    1. Upsizing – Moving to home of greater market value
    2. Downsizing – Moving to home of lesser market value
  3. A $25,000 Exemption of Tangible Personal Property
  4. A Non-Homestead Property Assessed Value Limitation

1. An Additional $25,000 Homestead Exemption

  • Amendment 1 adds an additional homestead exemption worth $25,000, which is applied to the Assessed Value above $50,000.
  • This exemption does not apply to school tax levies.
  • This exemption shall be effective for the first time in 2008

Question: What must I do to receive the additional $25,000 Homestead Exemption?

Answer: If you already have the Homestead Exemption and continue that exemption on the property nothing further needs to be done. You will see the exemption on your Notice of Proposed Property Taxes (TRIM Notice) that will be mailed to you in August 2008.

Question: What if I just moved into the house prior to January 1, 2008, can I receive this exemption?

Answer: Yes, but you must apply for the Homestead Exemption on the new property no later than March 3, 2008. To qualify you, as of January 1, 2008, must be a Florida Resident, own the property, make it your permanent residence and complete an application at the Property Appraiser’s Office.

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2. Portability of the Save Our Homes Benefit

Amendment 1 includes Portability of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead to another. The law is retroactive to January 1, 2007. Homeowners may transfer their SOH benefit to a new homestead anywhere in Florida within 2 years of leaving their former homesteads. Those who sold their homes in 2007 can transfer their SOH benefit to a new homestead if they establish the new homestead by January 1, 2009. This benefit will apply to all property tax levies including school taxes.

Question: I have recently moved and reestablished my homestead, what must I do to take advantage of the new portability law?

Answer: You must complete a new Homestead Exemption application at the Property Appraiser’s Office. The filing deadline for 2008 is March 3.

Question: What is meant by the Save Our Homes Cap?

Answer: The difference between the Market Value of the Homestead Property and its Assessed Value is the differential or Cap. The Cap can be applied (transferred) to reduce the Assessed Value of a newly established homestead.

Question: How can I determine the amount of my Save Our Homes benefit that can be transferred?

Answer: The answer depends on the market value of your newly established homestead property.

Question: What is my Save Our Homes Cap now?

Answer: You can look up your Save Our Homes Cap on the Sarasota County Property Appraiser’s Website from the Property Record Search Page, of if you know your ID number, you can enter it below.

Parcel ID

a. Upsizing – Moving to home of greater market value:

If the market value of the new homestead property is equal to or greater than the market value of the relinquished homestead the entire Cap up to a maximum of $500,000 can be transferred to the new homestead. This is referred to as upsizing.

b. Downsizing – Moving to home of lesser market value:

If the market value of the new homestead property is less than the market value of the relinquished homestead the entire Cap cannot be transferred, however, the same level (ratio) of Assessed Value to Market Value of the relinquished homestead can apply to the new homestead. In other words, if the relinquished homestead had an Assessed Value of $180,000 and a Market Value of $300,000 the ratio is 60% ($180,000/$300,000). If the newly established homestead has a Market Value of $200,000 the Assessed Value would be $120,000 ($200,000 x 60% = $120,000).

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3. A $25,000 Exemption of Tangible Personal Property

Amendment 1 offers a new Tangible Personal Property Exemption of $25,000.

Items of Tangible Personal Property such as furniture fixtures and equipment used in business are subject to property tax in Florida. The first $25,000 of the Assessed Value of the Tangible Personal Property shall be exempted from property tax. This exemption applies to all tax levies and shall first be effective for 2008.

Question: What must I do to receive the Tangible Personal Property exemption?

Answer: You must file a Tangible Personal Property Tax Return with the Property Appraiser. The filing deadline is April 1, 2008

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4. A Non-Homestead Property Assessed Value Limitation

Amendment 1 features an assessment growth limitation of 10% for all non-homestead properties. This assessment limitation does not apply to school tax levies.

This amendment shall first limit assessments beginning January 1, 2009

Mailing Address & Sarasota Office Location:
Jim Todora, MAI, CAE
Sarasota County Property Appraiser Terrace Building
2001 Adams Lane, Sarasota, FL 34237

Venice Office Location:
South County Administration Building
4000 S. Tamiami Trail, Venice, FL 34293

Telephone Numbers:
(941) 861-8200
Fax (941) 861-8260
TDD NUMBER (941) 861-8235

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All rights reserved.