PROView - January 2008 - (Page 21) Vote YES on Property Tax Reform Constitutional Amendment by John Sebree, Florida Association of REALTORS® Without question, a property tax crisis is overwhelming our state. If people are not being taxed out of their home, they are being held captive in their home. We are pleased to report that help is on the way! On January 29, Florida voters will decide if the state Constitution should contain “portability,” and increased homestead exemption, a cap on assessments of commercial, second homes and investment property, and a tangible personal property tax exemption. Portability allows homestead owners to take up to $500,000 of accumulated savings with them to their next homestead, and allows two years to establish that next homestead. There is a difference in how much you will “port” if you are buying a more expensive home versus buying a less expensive home. If buying “up”, the homesteader simply transfers the difference of the just value and the assessed value from the old homestead, and subtracts that amount from the new just value. If buying “down”, the homesteader will port an amount equal to the ratio of the old assessed value to the old just value. Rather than allowing the homeowner to “port” the actual Save Our Home differential, the formula was designed so if a homeowner had a 50% assessed value to just value ratio in the old home, they would maintain that 50% assessed value to just value ratio in the new home. It is very important to note that if this amendment passes on January 29, 2008, portability will be retroactive to January 1, 2007. The next portion of the bill passed by the legislature is an increase in the homestead exemption. This will exempt the $50-75K tier of a homestead’s value from local government taxes, but not the school portion of taxes. The value between $25-50K will still be taxed. Another important piece of the plan is the 10 percent annual assessment cap on non-homestead property. Similar to Save Our Homes, this will limit the assessed increases of commercial, rental, and second homes to a PINELLAS REALTOR® ORGANIZATION January 2008 21 maximum amount per year beginning in 2009. This will protect them against high spikes in taxes from year-toyear. Finally, another important section of this plan is the $25,000 Tangible Personal Property exemption for businesses. This tax is paid to local governments on items such as shelving, desks, computers, and other office equipment. On January 29, you will have a golden opportunity to VOTE YES on a historic property tax relief and reform constitutional amendment. Please encourage your family, friends and neighbors to support the amendment as a next step in reform. For more information, visit: www.yeson1florida.com. http://www.yeson1florida.com
Table of Contents Feed for the Digital Edition of PROView - January 2008 PROView - January 2008 Contents Chairman's Notes Feature ProActive Marketing Finance Marketplace Analysis Home Sales Report MLS Update MLS Mind Your Manners Education Calendar of Events & Programs PROBiz Special Feature Brokerage Design New Affiliates and Members for 2008 PROView - January 2008 PROView - January 2008 - PROView - January 2008 (Page Cover1) PROView - January 2008 - PROView - January 2008 (Page Cover2) PROView - January 2008 - Contents (Page 1) PROView - January 2008 - Chairman's Notes (Page 2) PROView - January 2008 - Chairman's Notes (Page 3) PROView - January 2008 - Feature (Page 4) PROView - January 2008 - Feature (Page 5) PROView - January 2008 - Feature (Page 6) PROView - January 2008 - ProActive (Page 7) PROView - January 2008 - Marketing (Page 8) PROView - January 2008 - Marketing (Page 9) PROView - January 2008 - Finance (Page 10) PROView - January 2008 - Finance (Page 11) PROView - January 2008 - Finance (Page 12) PROView - January 2008 - Finance (Page 13) PROView - January 2008 - Marketplace Analysis (Page 14) PROView - January 2008 - Home Sales Report (Page 15) PROView - January 2008 - MLS Update (Page 16) PROView - January 2008 - MLS Mind Your Manners (Page 17) PROView - January 2008 - Education (Page 18) PROView - January 2008 - Calendar of Events & Programs (Page 19) PROView - January 2008 - PROBiz (Page 20) PROView - January 2008 - Special Feature (Page 21) PROView - January 2008 - Brokerage Design (Page 22) PROView - January 2008 - Brokerage Design (Page 23) PROView - January 2008 - Brokerage Design (Page 24) PROView - January 2008 - Brokerage Design (Page 25) PROView - January 2008 - New Affiliates and Members for 2008 (Page 26) PROView - January 2008 - New Affiliates and Members for 2008 (Page Cover4)
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