Amendment One. AMENDMENT 1 WHAT DOES IT MEAN TO ME? Presented By.

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Presentation transcript:

Amendment One

AMENDMENT 1 WHAT DOES IT MEAN TO ME? Presented By

DOUBLE HOMESTEAD EXEMPTION Owners of homestead property will receive a second $25,000 homestead exemption on the assessed value of the homestead between $50,000 and $75,000 on the value of their homes over $50,000. The average savings to Seminole County homestead property owners will be $230. * This exemption will not apply to school property tax levies.

Additional $25,000 Homestead Exemption Assessed value = $100,000 Existing homestead exemption = $25,000 Next $25,000 of value (from $25,001 to $50,000) taxable Additional homestead exemption = $25,000 School taxes will be levied on $75,000 All other taxes will be levied on $50,000 Example:

Exactly What Happens If I buy a Different Home Next Year and Establish My Homestead There?

PORTABILITY Homeowners buying a home with a higher just market value than their previous home may transfer their Save Our Homes savings to the new home - up to $500,000. Previous Home $400,000 - Previous Home $200,000 (Save Our Homes Value); New Home $500,000 - $200,000 (Transferred Save Our Homes Value) = $300,000 (New Assessed Value for new home) Upsizing: Example: Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase. Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase.

PORTABILITY Homeowners buying a home with a lower just market value than the previous home may transfer a pro-rated portion of their Save Our Homes savings. Previous Home $400,000; Previous Home $200,000; New Home $300,000 resulting in a pro-rated Save Our Homes savings of $150,000 ($300,000 x.50%) = $150,000 Assessed Value of new homestead. Downsizing: Example:

The average Seminole County Save Our Homes savings = $1,670. *Will apply to all property taxes - including schools. The average Seminole County Save Our Homes savings = $1,670. *Will apply to all property taxes - including schools.

TANGIBLE PERSONAL PROPERTY Authorizes an exemption from property taxes of $25,000 of assessed value for tangible personal property. *Will apply to all property tax levies - including schools.

ASSESSMENT CAP Property assessments for non homestead property will increase no more than 10% annually. This provision will not take effect until the 2009 tax year *Will not apply to school property tax levies.

Questions