AMENDMENT 1 TAX PORTABILITY - YOU MUST FILE!!
YOU MUST FILE FOR PROPERTY TAX PORTABILITY!!
Florida passed the Amendment 1 Tax Reform at the January 29 election. Among other things, it allows homesteaded homeowners to “port” their tax savings to a new home. This can mean huge savings and it will finally help all those people who’ve been locked into their homes because of the Save Our Homes Act. Many homeowners have wanted to get into new homes, but to do so, they would have carried a much larger tax bill- in some cases well over 2 times what they’d been paying. This new legislation has solved that particular problem.
The great news for people who bought in 2007 is that the law is retroactive to Jan 1, 2007. That means that anyone who went from a homesteaded Florida property to another before this law was passed still has the opportunity to cash in on considerable savings. The bad news is that they only have until March 1, 2008 to file!! It is not automatic!! You must file! If you’re buying after the fact, you’ll have more time, but you still have to apply. Anyone claiming the retroactive law must do so right away or lose a significant amount of money every year that they own in Florida!
Pasco County is asking for original signatures, so they said that you must go in person. Hillsborough County said that you could fax or mail, but it’s to important to risk not going in person.
Hillsborough County
Form:
http://www.hcpafl.org/www/downloads/pdfs/dr501tn0308.pdf
Locations to file:
http://www.hcpafl.org/www/about/contact.shtml
Pasco County:
Form:
http://appraiser.pascogov.com/pdf/DR501T.pdf
Locations to file:
http://appraiser.pascogov.com/
The way the Amendment 1 tax portability works is:
If your new home is worth more than your old home, then the entire difference will be applied to your new home.
If your new home is worth less than your old home, then the percentage difference between the old home’s market value and assessed value will be applied to the new home. For example, if the assessed value of the old home is 30% of the market value, then the new home will also be assessed at 30% of its market value.
For more FAQ’s visit:
http://dor.myflorida.com/dor/property/reformfaqs112107.pdf
You are now free to move around the state!
For more information on the Amendment 1 Tax Reform, visit:
http://www.hcpafl.org/www/about/amendment1.shtml
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