Tax Reform Information

On January 29th, the citizens of Florida voted on and approved a number of changes to the property tax system.

Please read this Special Message From Governor Charlie Crist. Note that the filing deadline for the Portability benefit has been extended to April 1, 2008. To assist you in filing for this benefit, we have mailed applications to all Lee County residents that have applied for the 2008 Homestead Exemption.

See the Property Appraiser’s Amendment 1 brochure for additional information.

The Constitutional Amendment created four new opportunities for taxpayers to obtain tax relief:

1. Increased homestead exemption

   

   The additional exemption of up to $25,000 will apply to all levies except those by school districts and other assessments for special benefits, and first applies to the January 1, 2008 Tax Roll.

   This additional exemption applies only if the assessed value of the property exceeds $50,000, and it will apply 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).

   No further application would be necessary for those who are currently receiving the homestead exemption and qualify for the additional exemption amount.

   To receive benefit: Homeowners that are currently receiving the homestead exemption and qualify will automatically receive the increased homestead exemption. No action is necessary.

2. Portability of "Save our Homes" benefit

   

   If you have an existing Florida homestead and you buy or move to a new home and make it your homestead, some or all of the difference between your old homestead's assessed value and its market value may be applied to the assessment of your new home.

   To receive benefit: If you received the homestead exemption in 2007 on a home that you sold during 2007 or no longer claim as your homestead and have purchased or moved into a new home by January 1, 2008, you may be eligible to take some or all of the benefit of "Save our Homes" to your new home. In order to receive this benefit, you must apply by March 3, 2008 to your property appraiser for your new homestead exemption and for the transfer of the “Save Our Homes” benefit to your new homestead for 2008.

   Examples, Forms and Instructions

3. $25,000 exemption for tangible personal property

   

   The amendment provides a $25,000 exemption for tangible personal property. This provision would apply to the January 1, 2008, tax roll and every year after that. The exemption would apply to tax levies of all taxing authorities.

   To receive benefit: Tangible personal property taxes apply only to certain taxpayers in Florida – typically businesses. You automatically qualify for this exemption when you file your Tangible Personal Property return. Returns are due in this office by April 1.

4. 10% annual assessment limitation for non-homestead property

   

   The amendment makes an assessment cap available to owners of certain non-homesteaded real property. This exemption limits the increase in assessed value of the property to 10% per year for levies of all taxing authorities other than school districts.

   To receive benefit: 10% limit on annual assessment increases for non-homestead property – The 10% limitation does not apply until next year.