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Q. Does the proposed Constitutional Amendment do away with Florida's $25,000 Homestead Exemption?
A. No. Property owners with an existing homestead will have the option to retain their standard $25,000 exemption and 3% cap, also known as Save Our Homes. If you decide to take the proposed two-tiered exemption, then you would forfeit your existing Save Our Homes benefit.
Q. What is the two-tiered exemption?
A. It provides a new Homestead Exemption formula to qualified home owners and is based on a percentage of your property's market value. 75% of your home's first $200,000 in market value would be exempt from property taxes. If your property is valued at more than $200,000, then 15% of the amount over $200,000 and up to $500,000 would be exempt. The $500,000 cap will be adjusted annually, based on per capita personal income.
Q. How does the two-tiered exemption benefit compare to Save Our Homes?
A. On qualified homestead properties with the standard $25,000 exemption, Save Our Homes caps your property’s assessed value to no more than a 3% increase. Neither Save Our Homes or the proposed
Two-tiered exemption is a cap on your property taxes..
Q. How can I determine which Homestead Exemption option is best for me?
A. Start with our comprehensive Taxable Value Calculator , which you will find on your property page. We have estimated your homesteaded property’s tax savings benefit over a 21-year period, beginning in 2008. Take a look at both options the proposed constitutional amendment offers residents.
Q. If it passes, what happens to my 3% cap?
A. It depends on which of the two options you choose. If you decide to give up your Save Our Homes benefit, a new Exemption formula will go into effect on your property. It is important to understand that, under the proposed constitutional amendment, if you purchase a home in 2008 or thereafter, you will not have the option to choose the standard $25,000 Homestead Exemption and its accompanying Save Our Homes benefit.
Q. When will this go to the voters?
A. The measure will be on the Jan. 29, 2008, presidential primary ballot. If the referendum passes, it will be retroactive to Jan. 1, 2008, and administered by your Property Appraiser's Office. Please keep in mind that if you buy a new residential property in 2007, the deadline to apply for Homestead Exemption is March 1, 2008, and you will be asked to choose between the two options.
Q. Will I be able to buy a new house and take my Save Our Homes benefit from my current home with me?
A. No, the Portability issue is not part of this constitutional amendment. As you may know, a separate statewide Citizen's Initiative, which began in 2006 to put Portability on the November 2008 ballot, continues to collect signatures from registered voters.
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