Property Tax Reform
2008 Property Tax Reform Measures
- $50,000 HOMESTEAD EXEMPTION: Properties with a homestead exemption will automatically be upgraded to the new $50,000 benefit. New homeowners must file a first time application, which covers the newly increased homestead exemption. The extra $25,000 homestead exemption does not apply to school board taxes;
- PORTABILITY: Currently, property owners with a homestead exemption receive a benefit known as Amendment 10 or Save Our Homes cap. This Save Our Homes benefit works by limiting the increase of the assessed value of a home to a maximum of 3% regardless of any increase in market value. Under the new law, homeowners will be allowed to transfer this property to their next homesteaded property. This is called "Portability". Qualified applicants are now able to transfer (or port) this Save Our Homes benefit up to $500,000 whether they are buying a more expensive or less expensive home;
- CAP ON NON-HOMESTEADED PROPERTIES: Starting in 2009, non-homesteaded properties will be eligible for a 10% cap. This 10% cap will not apply to school board taxes;
- TANGIBLE PERSONAL PROPERTY EXEMPTION: A $25,000 exemption on business equipment (i.e. computers, office furniture, etc.) is available for 2008. To receive this benefit you had to file a Tangible Personal Property Tax Return by April 1st.