VOTER APPROVED CONSTITUTIONAL AMENDMENT 1
On January 29th, 2008 the
Citizens of Florida passed a Tax Reform Package as
an amendment to the State Constitution. The Amendment
Provides Portability on Homestead
Provides up to an additional $25,000
Exemption on Homestead Property
Non-Homestead Real Property
Provides Cap Protection for
Non-Homestead Real Property
Tangible Personal Property
Provides up to a $25,000 Tangible
Personal Property Exemption
There will be no change in the
current SAVE OUR HOMES Cap protection.
Allows homeowner(s) to transfer their current SAVE OUR HOMES Cap protection to a new homestead anywhere within the State of Florida.
- Must establish a new Homestead Exemption as of January 1 of the qualifying tax year; and have received a Homestead Exemption in either of the two immediately preceding tax years.
- Allows for Upsizing or Downsizing but has a maximum transfer amount of $500,000.
- Upsizing or homesteading into a house with a market value that is greater than or equal to your existing homestead allows for the transfer of 100% of your Cap protection (up to the $500,000 maximum deduction).
- Downsizing or homesteading into a house with a market value that is less than your existing homestead allows for the transfer of the Cap protection percentage equal to that of your existing homestead (up to the $500,000 maximum deduction).
Click here to see examples. Click here for Portability Calculator. Homestead Portability (DR-501T) FORM.
Additional Homestead Exemption of up to $25,000
This additional exemption applies only if the assessed value of the property exceeds $50,000, and then, only to the amount by which the value exceeds $50,000, up to a total additional exemption of $25,000 (that is, exempting the assessed value between $50,000 and $75,000).
- If your assessed value is $50,000 or less there is no additional exemption.
- Currently, the first $25,000 of the assessed value of homestead property is exempt from tax levies by all taxing authorities. The additional exemption of up to $25,000 will apply to all levies except those by school districts.
| All non-homestead real
property with exception of Agricultural land, land
producing high water recharge to Florida's aquifers,
or land used/classified exclusively for noncommercial
will establish the Base Year for which your
property will be eligible for Cap Protection.
- Beginning in 2009 the Cap will limit increases
in Assessed Value to 10% from the prior year.
- The Capped portion (Assessed Value) only applies
to Non-School District Levies. School District
Levies will be applied to the total Market Value.
- To qualify you must have ownership (legal title)
as of January 1st. The year in which you qualify
under these terms will be the base year for future
| Beginning in 2008 there will be a $25,000 exemption
on Tangible Personal Property, you must file a return
by April 1st to qualify for the exemption.
Note: A taxpayer that fails to file a return in any year where the value exceeds $25,000 is subject to the full amount of taxes due without any exemption and with penalty.
- Provides for an
exemption of up to $25,000 for each tangible
personal property tax return.
initial tax return must be filed even if the value
is less than the $25,000 exemption.
the initial filing, future consecutive filings are
waived as long as the value does not exceed