PROView - November 2007 - (Page 14)

PROACTIVE LEGISLATURE SENDS NEW PROPERTY TAX REFORM AMENDMENT TO VOTERS Following is an overview of the new property tax reform constitutional amendment that was approved by the Florida Legislature during the October Special Session. Floridians will vote on the proposed amendment January 29, which needs 60% approval to become law. Members of the Legislature made it clear that property tax reform is not ﬁnished, and they will continue to work on the issue during the next regular session. For more information about this and other state issues, visit: www.ﬂoridarealtors.org and click on “Legislative Center”. Doubling of the Homestead Exemption Assessment Cap for Non-Homestead Property An additional $25,000 homestead exemption is provided for the value of homestead property that is above $50,000. For instance, the ﬁrst $25,000 of value is currently exempt from property taxes. Should the amendment pass, the portion of value between $50,000 to $75,000 would be exempt from property taxes This exemption does not apply to school taxes. “Save Our Homes” Portability Homestead property owners will be able to transfer their accumulated Save Our Homes beneﬁt (up to $500,000) to a new homestead within two years of giving up their previous homestead. If the just value of the new homestead is more than the previous home’s just value, the entire diﬀerential A 10% assessment cap will be applied to nonhomestead properties (similar to the Save Our Homes cap that is currently applied to homestead properties. The 10% cap will sunset after 10 years, when it will be presented to voters for reauthorization. This provision does not apply to school taxes. Fiscally Constrained Counties (voter approval not required) The bill requires an annual appropriation to ﬁscally constrained counties to make up for revenue reductions resulting from the adoption of the constitutional amendment by the voters. can be transferred; if the new homestead has a lower just value, the amount of the accumulated beneﬁt that may be transferred is proportional to the value of the new homestead. This provision applies to all taxes - including school taxes - and is retroactive to January 1, 2007. Tangible Personal Property Tax Exemption A $25,000 tangible personal property tax exemption for businesses is included in the proposed amendment. “LEGISLATURE SENDS NEW PROPERTY TAX REFORM AMENDMENT TO VOTERS” Please contact Mike Mayo at mmayo@tampabayrealtor.com for additional information 14 PINELLAS REALTOR® ORGANIZATION November / December 2007

Table of Contents Feed for the Digital Edition of PROView - November 2007

PROView - November 2007 Contents Chairman’s Notes: My Year in Review The Long View: The Long View Waiting Room: Waiting Room Brokerage Design: Protecting Your “Rep” On The Internet Feature: Charting the Course for Next Year: Building Your Marketing Plan ProActive: 2008 RPAC Fundraising Chair ProActive: Legislature Sends New Property Tax Reform Ammendment to Voters Marketing: Twelve Step Plan to Make You Feel Better About this Market Finance: Year-End Tax Season Preparation What is RPAC? 2007 RPAC Donor Appreciation Marketplace Analysis Home Sales Report MLS Update MLS Mind Your Manners Your 2008 Memebrship Dues Upcoming Events Calendar of Events & Programs: November / December PROBIZ: IDX Welcome: New PRO Members and Affiliates

PROView - November 2007

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