Property Tax Portability – Florida Election Results are In – Real Estate a Big Winner!
Wow what a day for Property Tax Portability and property owners in Florida – the great news is regardless of the results Pinellas County is reporting a 37% voter turnout – which tops even the 2000 and 2004 Presidential Primaries. I am an avid supporter of the the right and responsibility to Vote and have your voice be heard.
So for all that voted – thank you for being part of our democratic process!! Amendment 1 did pass so for many of my clients looking to buy a second home or condo in Clearwater – they’ll be happy to know that the 10% per year tax cap passed for all non-homestead owners!
Many of us think it should have been 5% but our thought is half a loaf is better than no loaf – especially in this market! We’re making progress and the journey’s not over but I believe it’s moving in the right direction. I’ve included full detail how to calculate your new Save Our Homes Tax Equity and Property Tax Portability.
On a personal note, our family friend, Nadine Nickeson was running for a Safety Harbor’s Commission Seat #3 (a neighboring city) after there were several resignations this past year. She had served on the Commission for 10 years in the past and we have seen her personal dedication and passion for all things Safety Harbor 🙂
Well Alex, Sean and I worked one of the poll sites this afternoon today waving signs and it was a great lesson for them in being part of the process and putting a “face” on local government. They also learned that how you present yourself matters.
Alex, my 11 year old was enthusiastic and also as a new boy scout, he is also learning that doing things for the right reasons is always the best policy. Anyway as he smiled and waved sincerely to voters in an area about 20 yards from Sean and I- he was asked by several people if he was getting paid to do it – he replied – No, I just wanted to help Nadine and think she’ll continue to do a great job for Safety Harbor – well the funny thing is that several people actually gave him money (and he made better than minimum wage – lol) and others shared that they had voted for her – tonight we have learned that she was elected and they are proud to be part of the process looking forward to the day when he can exercise his right to vote!
Anyway – I shared with him that when you focus on doing the right things for the right reasons – you get blessings when you least expect them. All in all it was a great day and it was fun to share it with them.
So on to the details you want on how to determine your tax equity…
Pack your bags – Pinellas County Property Tax Portability Passes
We also have friends and neighbors who have wanted to move into a larger home or downsize into a smaller one – all have been stuck in their home as our Florida Governor, Charlie Crist said today – now home owners are no longer “trapped in their home”. I’m happy those people can now make their personal decisions to benefit their own family and not be faced with having to pay a huge tax penalty.
I have shared with many of you that when Jack and I sold a beach house 3 years ago and bought one 1/2 as expensive our taxes doubled – so do the math that was a 4 times increase FOREVER – it was huge and I’m glad others will not have the same experience we did!
So what are some of the highlights of today’s election results on a local level….
- Clearwater Mayor Frank Hibbard won re-election soundly which means Beach-walk and many of the project’s started will progress on the same path.
- We also extended the 1/2 millage tax to continue for our schools and for the big news…
- Amendment 1 passed! I shared all the benefits on Amendment 1 on Florida Property Taxes, however, I didn’t detail how to calculate your “property tax portability” instead waiting to see what our voters decided.
Calculating Florida Property Tax Portability Benefit
Step 1: Take a copy of your property tax record (it’s also available online) and find the two values:
- Just Market Value
- Assessed Value
See Related articles on how to calculate these items:
Step 2: Subtract the Just Market Value from Assessed Value to get your new “Tax Equity”
- Just Market value – Assessed Value = Your Tax Equity
Step 3: If it is more than $500,000 – then change the number or use the number $500,000 (this is the maximum currently allowed under the new amendment)
Step 4: Determine your potential new home’s assessed value
If your new home’s just market value is equal to or greater than your current home use this formula to find new assessed value:
- New Home’s Just Market value – Tax Equity (see above) = New Home’s Assessed Value
If your new home’s market value is less than your current home then you must first calculate your prorated tax equity using this formula:
- (New Home’s Just Market Value / Current Home’s Just Market Value ) x Tax Equity = Prorated Tax Equity
Then calculate your new home’s assessed value using this formula:
- New Home’s Just Market Value – Prorated Tax Equity = New Home’s Assessed Value
Other Related Articles:
So, call us today to discuss any property tax estimates or info on how we can help you sell your current home or buy an investment property or beach house, condos or villas on our Tampa Bay beaches.
Why Choose to work with Us?
Here’s what some of our past clients have to say about how we helped them….
- “you treated us like family”
- “you dig for info on each property, researched and worked hard to make sure we knew everything about the home we bought”
- “being out of state we needed someone we could trust – and that was you!”
- “we didn’t want any pressure – we worked with you a long time and there was never any pressure”
- “you are the Painless REALTORS – I’ve bought and sold homes and you handled all the details for us – thanks”
Buyers and Sellers continue to tell us that selecting the best Tampa Bay real estate agent, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends…we’d love to be YOUR choice too!
Give us a call so we can to discuss your needs! (727) 710-8035
P.S. Now that the property tax issues been settled – Go ahead an search all the properties for sale in the Clearwater MLS now… and just so you know, we require no email or sign in – like everything else we do – our goal is to continue to provide you with ALL the information available so you can make the best decisions!