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Amendment 1 (One) Passes-Calculating Your Taxes If You Move
January 31st, 2008 categories: Tampa Real Estate, Tips for Sellers, Hillsborough Property Tax
Many homeowners are now wondering what the passing of Amendment 1 means to them, especially if they want to move. Previously, if you moved, you started paying property taxes based on the new market value of the new home. Any benefits you gained by staying put in your previous homestead were wiped out. This meant much higher taxes for those who had been in one home for a long time. The longer they owned the home, the greater the benefits that were sacrificed.
Older couples scaling down were faced with higher taxes, which didn’t seem right and kept many from making the move. A key component of Amendment One is the portability factor. Homeowners can now transfer the accumulated benefits of the 3% tax cap of Save Our Homes.
The e-mails are already beginning to roll in. From a client:
“Hi, Lenny! How have you been? Do you know any of the details about the new property tax law? My best friend is here from Scotland this week and is trying to help her parents decide whether or not to sell their Parkland Estates home that they’ve lived in for about 45 years. Their taxes are not very high, but if they downsize into a small condo, the taxes might be even lower. Are they now forced to keep their current taxes or can they take what might be the lower taxes on a condo?”
These are the folks who will certainly be released from the golden handcuffs and will now most likely consider that move into a smaller, lower maintenance place.
So here’s the best way to see how Amendment One will affect you:
Step 1: Visit the appraiser’s website, look up your property and note two figures, the “Just Market Value” and the “Assessed Value”. (Do it here)
Step 2: Go to the Tampa Tribune’s Tax calculator, and plug in the numbers where noted. There’s a calculator for how things will change with your current property and a calculator for the taxes on the new place if you move. (Do it here).
But take note. Many legal experts believe that the portability of the benefits puts new Florida home buyers at a disadvantage, a point that may be unconstitutional as it relates to interstate commerce. A legal challenge may be forthcoming.
3 Responses to “Amendment 1 (One) Passes-Calculating Your Taxes If You Move”
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So I understand even people who moved in 2007 are going to be retro reimbursed on this interesting. They have to apply for it. Everyone wanted portability including me will allow those to downsize to move because many can not afford house insurance after the hurricances.
I feel bad like we sold our souls this ammendment cut school, emergency services police and fire. They were asking people to justify there jobs and are being reviewed and people will be let go.
It’s a good thing and a scary thing all in one.
Here’s an interesting scenario: I had a newly married couple each move from their homesteaded properties into a newly purchased homesteaded property in 2007. So whose benefits do they port? Can they port the amount from the property with greater accumulated benefits, or do they have to use the lesser amount of the 2? Anyone know?
I hope they don’t take this away it meant alot of people needs to move will be met. There are many elderly wanting to downsize and can’t afford the recent insurance and tax increases.
So did we put this law thru just to cut the budget on alot of emergency services and our childrens education.
I will be watching for this outcome.