The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:
1. Increased homestead exemption - Homeowers that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. NO ACTION REQUIRED.
2.Portability of "SAVE OUR HOMES" - If you received the homestead exemption in either of the prior two years on a home that you sold or otherwise abandoned and have purchased a new home by January 1, 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 1st of the current year for your new homestead exemption and for the transfer of the "Save Our Homes" benefit to your new homestead.
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. Taxpayers subject to this tax must file a tangible personal property tax return with the property appraiser's office. Failure to file a tax return by April 1, or within any applicable extension period, will be subject to late filing penalties. The $25,000 exemption will not be lost as a result of late filing.
4. 10% limit on annual assessment increases for non-homestead property - Starting with the 2009 taxroll, all non-homestead property will be subject to a 10% value increase limitation. NO ACTION REQUIRED.
If you have any question please contact our office at 386 313 4150.