•Double Homestead Exemption: Provides an additional exemption up to $25,000 off the assessed value of the property valued above $50,000. This additional exemption applies to all tax levies except school districts.
•Portability: Allows homesteaded property owners to transfer a portion of their "Save Our Homes" benefit to a new homestead.
•Limit on Non-Homesteaded Assessments: Provides for a cap on the annual increase in the assessed value of non-homesteaded property at 10%. (applies to all tax levies except school districts.)
•TPP Exemption: Provides a $25,000 exemption on Tangible Personal Property for businesses.
Amendment One Frequently Asked Questions
NOTE: As the State of Florida develops the implementation rules for this new law, some of the information below may change. The site will be updated as information becomes available.
Double Homestead Exemption
How does the "double homestead" work?
The existing homestead exemption typically reduces the assessed value of a property used as a primary residence by a Florida resident by $25,000. The new law would provide an additional $25,000 homestead exemption, on the assessed value between $50,000 and $75,000.
For example, if your assessment is $65,000, the first $25,000 and that portion above $50,000 ($15,000) would be exempt, making your taxable value $25,000 (65,000-25,000-15,000).Prior to new law, the taxable value would have been $40,000 (65,000-25,000).
This additional homestead exemption does NOT reduce the assessed value upon which school taxes are based.Also, it does not reduce or otherwise affect the "Save Our Homes" deduction or any other exemptions. This new exemption is effective as of January 1, 2008.
Can I still keep my other exemptions (widow, senior, disabled, veterans, etc.) under the new proposal?
Yes. Other exemptions are not affected by this law and will be applied to your value after the homestead exemption as they are now.(Remember: Some exemptions, like the senior exemption, require annual renewal. The homestead exemption does not unless there is a change to the property that affects ownership or homestead status.) If you move, you must reapply for all exemptions.
Portability
What is "portability"?
Portability allows owners of homesteaded property to transfer some of the tax savings they have accrued on their property under the "Save Our Homes" law."Save Our Homes" caps annual increases in the assessed value of a home (homesteaded property) at 3% or less.If you have lived in your home for a while, your assessed value will likely be lower than your market value. The difference between the market value and your assessed value is called the "differential" or "savings".
The new law allows you to apply that savings (up to $500,000 ? see specifics below) to reduce the assessed value on a new homestead if you sell or transfer the old homestead and establish a new homestead within a two year period.The two year period is based from the date of transfer.
Portability is retroactive to January 1, 2007. In other words, you are eligible if you sold your (homesteaded) home in 2007.
What is the "differential" on my property?
The differential (or savings) is calculated by subtracting the Assessed Value from the Market Value. It´s the amount of property value you are not paying taxes on because of the "Save Our Homes" cap on the annual increase in assessed value.
Tangible Personal Property Exemption
If I have a small business with less than $25,000 in business assets (other than real estate), would I need to file a Tangible Personal Property return if the new law is passed?
Yes. All businesses with assets under $25,000 must still file an initial tangible personal property return. You will not be required to file annually after the initial filing, unless or until your business assets surpass the $25,000 threshold.