Voters have said yes on Amendment 1. Realtors around the state expect buyers and sellers’ pent up housing demand to generate an immediate increase in home sales following 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 FL 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
1. The residence sold last year was homesteaded
2. The new residence qualified for the homestead exemption as of Jan. 1, 2008
3. The owner applies for the exemption and transfer with the county property appraiser by March 1, 2008. For specific questions about property tax reform, you may contact their local property appraiser at MiamiDade.gov. You’re invited to leave any thoughts, ideas and opinions by commenting below.
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$50,000 HOMESTEAD EXEMPTION
Properties with a Homestead Exemption will be automatically upgraded to the new $50,000 benefit.
Property Owners with a homestead expemtion receive a benefit known as Amendement 10 or Save Our Homes Cap. The assessed value will raise a maximum of 3% regardless of any increase in market value. Homeowners will be able to transfer this benefit to the next homesteaded property up to $500,000, whether you are buying a more expensive or less is irrelevant. Ask for a Portability Application Form.
CAP ON NON HOMESTEADED PROPERTY
Starting in 2009, you will be leigible for a 10% cap on property taxes. Ask for the application this October.
TANGIBLE PERSONAL PROPERTY EXEMPTION
A $25,000 exemption on business equipment such as computers, office furniture and fixtures is available for 2008. To receive this you must file your Tangible Personal Property Tax Return prior to April 1st.
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