On January 29, Florida voters approved Amendment 1 that provides additional tax relief to property owners. The Amendment has four provisions. Below is the information you need to know about each provision:

1. Doubling the Homestead – this allows an additional exemption of $25,000 to apply to the value between $50,000 and $75,000. For instance: for a home valued at $72,000, the first $25,000 is tax exempt; taxes are due on the second $25,000. Then, $22,000 would be tax exempt as that’s the amount that’s more than $50,000. The additional $25,000 exemption would be applied to all levies with the exception of school districts.Filing Information – NoneAction Required – No action required by the property owner.

2. Portability – this allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits within 1 year and not more than 2 years after relinquishing their previous homestead. If the homestead is more valuable than the old homestead, a taxpayer can transfer the entire old CAP dollar amount (up to $500,000 CAP transfer). If a taxpayer downsizes, the percentage of protection will transfer to the new homestead. In other words, if they had 50% protection before, they will have 50% protection in the new downsized home (up to $500,000 CAP transfer).Filing Information – To qualify for this benefit for 2008 you must have received homestead exemption on your previous Florida property for 2007 and be claiming homestead exemption on your new property for 2008.Action Required – Complete steps 1 through 5 on DR501T form and return it to the property appraiser’s office by March 1, 2008. Click here for Form DR501T.pdf

3. TPP $25,000 Exemption – this grants a new $25,000 exemption for tangible personal property. Filing Information – To qualify for the exemption a 2008 Tangible Personal Property Tax Return is required to be filed. The filing deadline is April 1, 2008. Action Required – Taxpayer must file a Tangible Personal Property Return DR405 or if they filed a 2007 Tangible Personal Property Return they can file a DR-405EZ Return instead. Once you file the DR-405EZ Return you will not be required to file a Tangible Personal Property Return in future years unless your value exceeds $25,000.Click here for form DR-405EZ.pdf.

4. Non-Homestead 10% CAP – this limits assessment increases for specified non-homestead real property except for school district taxes. Non-homestead properties will be capped at 10%. This non-homestead CAP would have a based year of 2008 and the CAP would apply in 2009. Properties may be assessed at Just Value following a change in ownership. The 10% CAP on non-homesteads would be applied to all levies with the exception of school districts. Filing Information – NoneAction Required – No action required by the property owner.

Information Provied By Marion County Property Appraisers

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