Florida Property Tax Relief

So, now the property tax relief bill has passed and you’re wondering, "What does this mean to me?"

This is the question we’ve answered a lot because many people are confused. The most important immediate relief is the fact that the tax rate calculated in your tax bill in 2007 has been reduced by 9% from the 2006 amount. Although not a huge step, it’s definitely a step in the right direction. It also puts an immediate cap on the taxing authority from "over-collecting".

The next step will be a decision every Florida resident will make in January of 2008 that will allow huge relief to any buyer moving within Florida and some more individual relief to any homesteaded property owner.

You can review the Bill summary below to see the additional savings. For the first time in Florida’s history, current owners with homesteaded property can transfer their tax savings to another property. This will give liberty to homeowners who have felt trapped for many years in their current homes. Plus, every homesteaded property will see additional relief through an additional $25,000 exemption.

In 1992, Florida voters established a new law that capped homesteaded properties to increase at only 3%. This was established as the Save Our Homes Bill and the savings between where the property assessor states your market value and where your current assessed value states is now considered your Save Our Homes benefit.

Please email us if you have specific questions about how this can either affect your current home’s taxes, or your next potential homestead. You can also check out our Blog at www.SaveOurHomesNow.Wordpress.com .