Everywhere I go, whether it be driving with my clients, chatting with my friends over dinner or socializing with the parents of my daughter’s friends, the conversation seems to head in the direction of the property tax reform. Everyone wants to know what I have heard and what the general word is out there.
In our weekly sales meeting at The Selby Group a couple of weeks ago our Broker, Debra Wingo, took us through a little exercise to show us how one of our clients would be affected with their current home. The new exemption has two tiers; Tier 1 - the homestead property will receive an exemption of 75% of the first $200,000 in value of the home and Tier 2 - in addition to tier 1, homestead property will obtain another 15 % exemption of the next $300,000 in value. The home we used in our meeting had a current value of $209,628 and has a current taxable value of $92,518 under current Save Our Homes. Under the new exemption this owner would have $50,000 taxable value for the first Tier and $8,183 for the 2nd Tier for a total Taxable Value of $58,183. That is $34,335 less than the current taxable value.
The Florida Association of Realtors (FAR) is the largest trade group in the state to support the passage of this amendment to reform Save Our Homes. The amendment goes before the voters January 29, 2008 and will allow property owners to continue the 3% tax cap they currently enjoy, under the 1992 Save Our Homes amendment, or to choose the new “super-homestead” exemption.
“Passage of this amendment is critical to the future of Florida,” says FAR President Nancy Riley. “It will provide first-time homebuyers a large tax exemption. It will begin to equalize property taxes among neighbors. And it will allow the people who are the foundation of our neighborhoods — teachers, nurses, police officers and emergency first responders — to afford to live in the communities they serve.
“It’s time to reform Save Our Homes,” Riley continues. “We invite other groups to make an investment in Florida’s future by supporting this amendment.”
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