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Amendment One. AMENDMENT 1 WHAT DOES IT MEAN TO ME? Presented By.
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Transcript of Amendment One. AMENDMENT 1 WHAT DOES IT MEAN TO ME? Presented By.
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Amendment OneAmendment One
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AMENDMENT 1WHAT DOES IT MEAN TO ME?
AMENDMENT 1WHAT DOES IT MEAN TO ME?
Presented ByPresented By
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DOUBLE HOMESTEAD EXEMPTION
DOUBLE HOMESTEAD EXEMPTION
Owners of homestead property will receive a second $25,000 homestead exemption on the assessed value of the homestead between $50,000 and $75,000 on the value of their homes over $50,000.
The average savings to Seminole County homestead property owners will be $230.
* This exemption will not apply to school property tax levies.
* This exemption will not apply to school property tax levies.
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Additional $25,000 Homestead Exemption
Additional $25,000 Homestead Exemption
Assessed value = $100,000Existing homestead exemption = $25,000Next $25,000 of value (from $25,001 to $50,000) taxableAdditional homestead exemption = $25,000School taxes will be levied on $75,000All other taxes will be levied on $50,000
Example:Example:
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Exactly What Happens If I buy a Different Home Next Year and Establish My Homestead There?Exactly What Happens If I buy a Different Home Next Year and Establish My Homestead There?
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PORTABILITYPORTABILITY
Homeowners buying a home with a higher just market value than their previous home may transfer their Save Our Homes savings to the new home - up to $500,000.
Previous Home Valued @ $400,000 - Previous Home Assessed @ $200,000 (Save Our Homes Value); New Home Valued @ $500,000 - $200,000 (Transferred Save Our Homes Value) = $300,000 (New Assessed Value for new home)
Upsizing:Upsizing:
Example:Example:
Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase.
Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase.
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PORTABILITYPORTABILITY
Homeowners buying a home with a lower just market value than the previous home may transfer a pro-rated portion of their Save Our Homes savings.
Previous Home Valued @ $400,000; Previous Home Assessed @ $200,000; New Home Valued @ $300,000 resulting in a pro-rated Save Our Homes savings of $150,000 ($300,000 x .50%) = $150,000 Assessed Value of new homestead.
Downsizing:Downsizing:
Example:Example:
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The average Seminole County Save Our Homes savings = $1,670.
*Will apply to all property taxes - including schools.
The average Seminole County Save Our Homes savings = $1,670.
*Will apply to all property taxes - including schools.
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TANGIBLE PERSONAL PROPERTY
TANGIBLE PERSONAL PROPERTY
Authorizes an exemption from property taxes of $25,000 of assessed value for tangible personal property.
*Will apply to all property tax levies - including schools.*Will apply to all property tax levies - including schools.
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ASSESSMENT CAPASSESSMENT CAP
Property assessments for non homestead property will increase no more than 10% annually.
This provision will not take effect until the 2009 tax year
*Will not apply to school property tax levies.*Will not apply to school property tax levies.
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