Florida Property Tax Reform Measures
Posted by Gloria Singer on Wednesday, March 19th, 2008 at 2:50pm.FLORIDA PROPERTY TAX REFORM PASSED ON JANUARY 29, 2008
An amendment to the Florida Constitution was recently passed which will bring about the following changes to the Florida property tax system.
- $50,000 HOMESTEAD EXEMPTION: Properties which already have a Homestead Exemption will be automatically upgraded to the new $50,000 benefit (it was $25,000 in the past). New homeowners still must file a first time application.
- PORTABILITY: Property owners with a Homestead Exemption currently receive a benefit known as a "Save our Homes" cap. This benefit works by limiting the increase of the assessed value of the home to a maximum of 3% regardless of the increase in property values. Under the new law, homeowners will be able to transfer this benefit to the next homesteaded property. This is what is called portability. Applicants can transfer this Save our Homes benefit up to $500,000, whether buying a more or less expensive home. CLICK HERE FOR THE HOMESTEAD PORTABILITY APPLICATION.
- CAP ON NON-HOMESTEADED PROPERTY: Starting in 2009, non-homesteaded properties will be eligible for a 10% cap to those who apply.
Welcome to our Boca Raton and Palm Beach County Real Estate blog. Please feel free to share your thoughts and leave a comment. Gloria is a Realtor and founder of BocaExpert.com. She and her team have been helping people buy and sell Boca Raton real estate since 2001.
Related Links
Be the first to comment on this blog entry!
Leave a Comment
My Account
Log in, to view your saved searches and add to your favorite listings.
... So You Can:
- View detailed property information
- Print detailed property flyers
- Save your searches & favorite homes
- Inquire about a private showing
- Map individual property locations
- Share your favorite homes with friends


Print
Share