Real Estate Taxes - How Will They Impact Your Future?
Thu, Sep 27, 2007
In Tallahasse Florida the Florida Legislature buzz is focusing on the the new real estate tax reform. Many of the homeowners who own a home in Florida these changes may directly affect your 2008 tax bill.
Growth is a two-edged sword, and our Florida State congress has been trying to come up with a solution to the property tax crisis. This crisis was created by the massive appreciation we homeowners have benefited from the last few years.
The proposed changes come in two chapters. The first is referred to as House Joint Resoluton 1B, or HJR1B for short. Though HJR1B is worthy of notation, the real debate falls under Representative Cannon's "Property Tax: Constitutional Relief and Reform" or HJR3B. This article will be the focus of the remainder of this article. The changes, if the amendment is passed on January 29, 2008 are as follows:
Owners of property in the state of Florida will have the ability to choose how their property will be taxed. They can stay with the current "Save Our Homes" exemption or replace it with the new "Super Exemption." Here is how the Super Exemption will work:
Level 1 : Homesteaded property will receive an exemption of 75% of the first $200,000 in value of the home. The minimum exemption is $50,000 per homestead.
Level 3 : In addition to Level 1, homstead property will obtain another 15 percent exempton for the nex $300,000 in value.
Should the constitutional amendment receive voter approval, homestead property owners will continue to receive the benefits under the present Save Our Homes cap unless the owner elects the "super sized" homestead exemption. A convenient tax reform analysis feature has been placed on the Web site (scpafl.org). This resource calculates and compares the benefits of the Save Or Homes cap and the "super-sized" exemption for one year and over time.
I also point out several important points 1) If approved, the relief provided by the constitutional amendment goes into affect for 2008: and 2) the amendment requires 60percent voter approval in order become law.
Karen Arbutine Re/Max Central
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