On January 29, 2008, citizens of Florida passed an Amendment relating to property tax. The four provisions of this amendment were:
• Additional $25,000 Homestead Exemption
• Tangible Personal Property Exemption
• Assessment Cap for Non-Homestead Property
Additional $25,000 Homestead Exemption
Created an automatic additional homestead exemption worth $25,000, applied to the homestead property’s value over $50,000. (All existing exemptions already included on your property, i.e., widows, veterans, etc. will remain the same with no changes.)
This exemption does not apply to school tax levies which represent approximately one half of your property taxes. You may apply in person or by mail. Application must be submitted by March 1 of the year you wish the exemption to begin.
The Florida Legislature reimburses Jefferson County and other fiscally constrained counties up to 95% of this tax loss each year.
The ability to transfer the savings benefit of the homestead property assessment limitation (defined in FS 193.155), known as “Save Our Homes” (SOH) and described as the dollar value difference between market value and assessed value, or the percentage thereof from one existing homestead to another new homestead property. The old and new homestead must be in the State of Florida and transferred within 2 years.
• Homeowners may transfer their SOH benefit from their most recent homestead to a new homestead anywhere in Florida by the second January 1st following the sale of their former homestead. (For example: Those who sold their homes in 2007 can transfer their SOH savings benefit to a new homestead if they establish the new homestead by January 1, 2009.)
• If “upsizing” to a home of equal or greater just value, the homestead owner can transfer 100% of the SOH savings benefit to the new homestead, up to $500,000 transferred benefit.
• If “downsizing” to a home with a lower just value, the homestead owner can transfer a SOH savings benefit that protects the same percentage of values as it did the former homestead, up to a $500,000 benefit.
For more information click here.
Tangible Personal Property Tax Exemption
A $25,000 exemption is provided for each tangible personal property return. This provision applies to all taxes.
To qualify for the Tangible Personal Property (TPP) exemption, Mobile Home and Business TPP property owners must complete and return to the Property Appraiser their annual Tangible Personal Property Return by April 1.
Assessment Cap for Non-Homestead Property
Non-homestead property will have a 10% assessment cap (similar to Save Our Homes). This provision took effect for the 2009 tax roll. This provision does not apply to school taxes.
No application is required to receive the benefit of the 10% cap. It will automatically be applied by our office. The Cap is removed when a property changes ownership or changes use.
When a property changes ownership through any means other than a recorded deed, the owner must file a Change of Ownership or Control Form (DR-430).