Amendment 1 has been Approved for new Tax Savings. Voters have said yes to Amendment 1. Realtors around the state expect buyers’ and sellers’ pent-up housing demand to generate an immediate increase in home sales following the passage yesterday of Amendment 1, which allows buyers to now take their Save Our Homes tax savings with them when they move.
“People who buy now are getting a great deal because home prices have fallen,” says 2007 FAR President and St. Petersburg Realtor Nancy Riley, who led the charge last year in support of Amendment 1. “These price reductions, combined with portability, will mean a great deal on the taxes owed on their new home.” Some Realtors expect to see sales activity from first-time buyers thanks to a slight increase in the homestead exemption provided by Amendment 1, then record low mortgage rates pent-up demand as the market is closely watched and a large selection of properties for a great selection of Miami Beach real estate.
“Again, given the lower cost of housing and the increased homestead exemption, those who have been dreaming of buying their first home will find this the best market in many years,” Riley adds. The portability provision of Amendment 1 is retroactive only to January 1st, 2007. Sellers may transfer their Save Our Homes credit (the difference between the assessed value of a homestead and the market or “just” value) provided these terms
- The residence sold last year was homesteaded
- The new residence qualified for the homestead exemption as of Jan. 1, 2008
- The owner applies for the exemption and transfer with the county property appraiser by March 1, 2008.
You may contact their local property appraiser at MiamiDade.gov for specific questions about property tax reform. You’re invited to leave any thoughts, ideas, and opinions by commenting below. Contact me today at 1.888.38.DREAM.