Florida Property Tax Amendment 1
Approved on January 29, 2008
This amendment has four parts as follows:
Portability - Allows Florida homeowners to transfer their Save
Our Homes CAP to a new homestead. If you had a homestead exemption in
Florida in 2007, and are applying for a new homestead exemption for
2008, then you may qualify. To benefit from portability, an application
is required. Click the link below to download the application. To learn
more about portability, click the Frequently Asked Questions link below.
Portability Application and Instructions
Portability Frequently Asked Questions
Additional $25,000 Homestead Exemption - If you have a homestead
exemption, there is no action required on your part to obtain the
additional $25,000 homestead exemption. The exemption will be
automatically applied to your assessment for 2008. The average savings
for most homesteads in Hillsborough County is $250 - $300 depending on
the millage rate (which won't be set until September).
Tangible Personal Property Exemption - To qualify and obtain the
$25,000 Tangible Personal Property (TPP) exemption, business owners
should complete the annual
TPP
Return and send it to the Property Appraiser's Office by April 1st,
2008.
If a taxpayer files a TPP return in 2008, and the assessed value is
determined by the Property Appraiser to be less than or equal to
$25,000, the taxpayer is not required to file a return in subsequent
years unless newly purchased assets cause the total value to exceed
$25,000.
10% Assessment CAP for Non-Homestead property - An application is
required for the 10% CAP, however, the application has not yet been
provided to our office by the Department of Revenue. The CAP will not be
effective until 2009, so the deadline to file has been extended to March
1, 2009. Once an application is provided to our office by the Department
of Revenue, it will be available on our website.
For more detailed information about Amendment 1,
click here for the Department of Revenue website.
This information is from the
Hillsborough County Property Appraiser website. |
