Thursday, July 17, 2008

Florida Amendment One Tax Reform

On January 29th 2008 Florida voters approved amendment one which provided tax reform changes regarding property tax. Below is a synposis of those items.
  • Tangible personal property tax exemption: Beginning in 2008, businesses and mobile home owners with tangible personal property accounts are now eligible for $25,000 exemption.
  • Non-homestead assessment limitation: Beginning 2009, the assessed value for all non-homesteaded properties will be limited to a maximum annual assessment increase of 10%.
  • Expanded homestead exemption: Starting in 2008, this provision increased the current $25,000 homestead exemption by an amount up to $25,000. Unlike the original $25,000 homestead exemption, this additional exemption is not applied against school board taxes. The estimated annual savings for homeowners is $240.
  • Portability: Effective for 2008, the retroactive for those who sold or moved in 2007, this provision allows homeowners to transfer up to $500,000 of their Save Our Homes Assessment Limitation Benefit (capped/portable amount) to a new homestead.

For more detailed information regarding property tax, please visit Orange County Property Appraiser website.