Real Estate Blog

The Florida homestead exemption "Save Our Homes" benefit is now "portable" because of the passage of the constitutional amendment on January 29, 2008. The "Save Our Homes" benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value. Portability means that, from now on, you can transfer some or all of your old home's "Save Our Homes" benefit to your new home. To receivesome of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008.

1. Increased homestead exemption – Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary.

2. Portability of “Save our Homes” benefits – If you received the homestead in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of “Save our Homes” to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the “Save Our Homes” benefit to your new homestead for 2008.

3. $25,000 exemption for tangible personal property – Tangible personal property taxes apply only to certain taxpayers in Florida – typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.

4. 10% limit on annual assessment increases for non-homestead property – The 10%limitation does not apply until next year. No application is necessary for 2008.

If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida’s property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.