Two proposed amendments affecting Property Taxes on the Florida ballot in 2018
Posted by Gloria Singer on
Election day is Tuesday, November 6, 2018, and Boca Raton real estate owners face some decisions. There are 12 proposed amendments on the ballot in Florida, two of which affect homeownership and property taxes. Following is a summary of these proposals:
Amendment 1: Increased Homestead Property Tax Exemption
This proposal grants an additional $25,000 Homestead Exemption for properties valued over $125,000. There are also some increases for properties between $100,000 and $125,000. This would apply to all levies other than school districts and would take effect January 1, 2019.
If this amendment, commonly referred to as the “Third Homestead” is approved by voters, it will be worth an additional $200-300 (approximately) tax savings for those…
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It’s that time of year again! A New Year means that tax season is right around the corner. Whether you do your taxes yourself or use a professional, there are some valuable deductions and exclusions if you own a home. Here are some of them:
If you own property in Florida as a permanent residence, then you may be eligible to receive a homestead exemption. The homestead exemption, in most cases, grants an $50,000 exemption from the assessed value of your house for tax purposes. This valuable benefit could save you close to $1,000 per year in property taxes. Additionally, the assessed value (the value the Property Appraiser uses to calculate the property tax) of your home cannot increase by more than 3% per year.
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Beginning Monday, August 23, 2010, the Palm Beach County Property Appraiser’s office mailed the proposed property taxes for 2010. In the notice, there is a breakdown of millage rates , the property’s assessed and taxable values (as of January 1, 2010), and any exemptions applied. Read your notice closely. Although unfortunately millage rates have gone up in most areas, the values have declined. (example: I am an owner of Boca Raton Real Estate. My market value declined 10%, however my tax bill increased because the local taxing authorities increased their millage rate.) If you disagree with the value, or an exemption has not been applied, you have between now and September 16, 2010 to file a petition. With property values plummeting in the area, many…