Amendment Summary

Following is a summary of the four part constitutional amendment approved by the voters in January 2008. 

Allows portability of accumulated “Save Our Homes” (SOH) benefits for homeowners who move from one homestead to another, anywhere in Florida .  Note:  The SOH benefit is the difference between a property’s market value for tax purposes and its assessed value that’s been limited from increasing.

• When you move, you have from January 1st of the year you move, until January 1^st two years later, to re-establish homestead and retain the SOH benefit.

For example:  If you sell your homestead property in September of 2008, you have until January 1, 2010 to move in and reestablish your homestead in order to retain the SOH benefit. 

• If “upsizing” to a home of equal or greater market value, the homestead owner can transfer 100% of the SOH benefit to the new homestead, up to a $500,000 transferred benefit.  Click here for homestead portability examples.
  
  
• If “downsizing” to a home of lower market value, the homestead owner can transfer a SOH benefit that protects the same percentage of value as it did the former homestead, up to a $500,000 transferred benefit.  Click here for homestead portability examples.

If you had homestead exemption in 2007, and moved to a new homestead by January 1, 2008 , you are eligible for portability of your SOH benefit for the 2008 tax roll.  To receive the benefit, you must apply for both the homestead exemption and the transfer of the SOH benefit by March 1, 2008 .  If you missed the March 1^st filing deadline, contact our office at 772-288-5608 for information on how to late file for your exemption and SOH benefit.

For information on the amount of your SOH benefit, contact the county Property Appraiser’s office where your prior homestead was located.

Creates an additional $25,000 homestead exemption applied to the assessed value above $50,000.  This exemption does not apply to school taxes and is a tax savings of up to $200.

Limits increases in the assessed value for non-homestead properties to 10% per year. 

• Does not apply to school taxes.
• The first year the assessment limitation applies is 2009, based on the 2008 assessed value.
• The limitation will expire in ten years.  Voters to decide whether to reauthorize it.

Creates a $25,000 tangible personal property exemption for business furniture, fixtures and equipment.