Property Tax Reform Measures in Place

Voters on January 29, 2008, approved an amendment to the Florida Constitution effecting the following changes to the State's property tax system.

• $50,000 Homestead Exemption: Properties with a Homestead Exemption will be automatically upgraded to the new $50,000 benefit. New homeowners must file a first time application, which covers the newly increased Homestead Exemption.
• Partability: 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 benefit to the next homestead property. This is called portability or a portable cap. 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. Click here for the Homestead Portability application.
• Cap on Non-Homestead Property: Starting in 2009, non-homesteaded properties will be eligible for a 10% cap. To receive this benefit, property owners will have to apply. The application will be available in October 2008. This 10% cap will not apply to taxes levied by the School Board.
• Tangible Personal Property Exemption: A $25,000 exemption on business equipment such as computers, office furniture and fixtures is available for 2008. To receive this benefit you must file your Tangible Personal Property Tax Return by April 1st. Click here for the Tangible Personal Property Tax Return application.

Return your completed form to your county's Property Appraiser office.