Tomorrow is more than just Super Tuesday in the Presidential Primary Election and local elections here in Clearwater Florida and the Beaches.
In the state of Florida we have another big issue that will get decided on by Tampa Bay residents – it is Florida Constitutional Amendment 1 that has 4 components that will affect our future property taxes if it passes with 60% of the voters voting YES!
Provision #3 is the one most of my real estate investors and second home owners are watching since it will provide much needed help to our non-homestead Clearwater Beach property owners.
Remember when you vote it’s ALL or NOTHING! If the Amendment passes it will be retroactive to January 1, 2008. So I will give you an overview of the four Provisions Amendment 1 covers:
Florida Property Tax – Provision 1 – Increase Homestead Exemption $25,000
Would provide another $25,000 to the homestead exemption for local taxes however, this does not apply to school taxes.
While this is good for the individual Tampa Bay home owners local governments and municipalities say they will lose money.
Read Other Articles about Clearwater – Pinellas Property Taxes
Florida Property Tax – Provision 2 – Save our Homes Portability
This will make “Save our Homes” portable statewide which will give those who want to move up to a larger home or downsize into a maintenance free condo or villa now won’t be slammed with a huge tax adjustment. I will explain how to calculate this in more detail. Just remember when looking to buy a house or condo in Clearwater and throughout the Tampa Bay area realize that the taxes shown in the MLS even if this passed will NOT reflect what your taxes will be on a new property purchase.
Another great feature is that homeowners would now actually have 2 years from the time they sell their homesteaded home (or give it up) to transfer it to a new property. Your home had to be homesteaded in 2007 and you would have until 2009 to transfer this savings to a new purchase.
Florida Property Tax – Provision 3 – Non-Homestead Cap
This is the property tax provision that caps the property assessment increases at 10% for non homesteaded property (if you own or want to own a second home or condo here – this is for YOU). This has been desperately needed to help local businesses , second home and vacation home owners like many of our clients on Clearwater Beach and along property owners along Tampa’s gulf coast.
While it’s going to help those vacation property owners in the future it doesn’t give them any relief for the recent property value run ups we experienced for local homes and condos on Tampa’s Beach properties. Note: Like Provision 1 – this cap will not apply to local school taxes.
Florida Property Tax – Provision 4 – New Exemption for Business Equipment
This provision creates a new $25,000 property exemption for some business equipment and mobile home properties. This should further help local business and mobile home owners at the expense of local governments. Mobile Home owners now won’t pay taxes on the first $25,000 of property value (often sheds, carports, other improvements).
So tomorrow’s a big day in Tampa Bay and throughout Florida – it will be interesting to see what the people of Florida decide. Check back tomorrow and we’ll update you on the results and cover how to calculate your Save our Homes Portability.
Other Related Articles:
Also Read : Buying Clearwater Florida Real Estate bargains – Bank owned, REO, short sales, ForeclosuresSo, call us today to discuss any property tax estimates or info on how we can help you buy an investment property or beach house, condos or villas on our Tampa Bay beaches.
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