Support Florida’s Super Exemption
Good news for homeowners! A constitutional amendment Tallahassee has been proposed and is advancing. This amendment will give a break to homeowners and enable them to preserve their property rights. Support by contacting your state legislators to encourage them to pass this amendment.
Here’s what in store for Florida homeowners when the amendment is passed:
A super exemption will be given to Florida residents who have homes serving as their homesteaded property. Their current exemption is $25,000. The range of exemption will be 15% to 30%, depending on the fair market value of the home. For a home with a market value of $300,000 and taxed for $250,000, the taxable amount will go down to a total of $205,000 – a super exemption of $45,000.
A $37,500 worth of exemption will be given to a home with a value of $300,000 and has tax amounting to $200,000, which will result to a total of $162,500 revised taxable value.
A super exemption of $21,000 and a new taxable value of $124,000 will be given to Florida homeowners who have lived for a long time in their homes with a $300,000 value but taxed at $145,000. However, the exemption would not be applicable since it is lower than the Save Our Homes benefit of $105,000.
Homeowners will not be eligible for exemption if they are considered a snowbird who have paid $45,000 for a condo which now has a value lower than $25,000. The exemption is greater than the value of the home. You will be eligible for a snowboard exemption if the value of the home goes up to more than 7%. If the value of the home where the homeowner have lived for a long time is $1 Million but being taxed at $700,000, the revised taxable amount would be $632,500, with a super exemption of $67,500. But since the homeowners’ Save Our Homes exemption would surmount the super exemption, the super exemption will not be provided. In such case, the Save Our Home exemption would be $250,000.
The Save Our Homes exemption and the Super exemption will not be given at the same time.
The Save Our Home exemption will be reduced from the Super exemption. Homeowners will not get the Super exemption if their Save Our Homes exemption surmounts the Super exemption.
In case the Save Our Home exemption does not surmount the Super exemption, homeowners have the benefit to deduct the Save Our Homes exemption from the Super exemption.
Florida does not want to punish new homeowners.
Punishment will not also be given to homeowners who have lived in their homes for a long time. It has been ensured that both existing and new homeowners would benefit from the exemptions.
Florida also avoids letting homeowners sell their homes to acquire a new one with an exemption that is better.
Tax appraisers will not be able to increase the assessed values – whether owned by a homesteaded resident or a non-Florida resident for above 7% per year – and this is the best part of the amendment. At the appraised increases of 10% per year, which is the current rate of increase when prices go up, snowboards will not be taxed. Instead, if the value of the property goes up by 7% or more per year, they will be topped out at at most 7%.
The amendment will be carried on to the voters if it passes. This will generate less revenue for cities and counties, which they do not want to happen. The best way to cut out expenses and reduce taxes imposed on everyone is to privatize more of their projects and services and it’s hard to understand why they don’t take this course of action.
It boils down to being in a private property rights issue. Real estate agents vouch to defend and support private property rights by joining the NAR. All should give importance and pay attention to their state legislators and local and county rules. It’s a call for everyone to be involved and take action to uphold private property rights. Be informed about this issue and prepare to be in defense of these property rights.
The fair tax system will improve the free transferability of properties. By taxation through economic growth and people using their money in their locales, the cities and counties will compensate for the losses of income.
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.