KEVIN COVELLOPrudential Florida Realty6175 Bayview DriveFort Lauderdale, Florida33308Ph: 954-684-5958Ce: 954-684-5958Pg: Email:kevincovello@yahoo.comFx: 954-491-5617
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Web: www.kevincovello.com Double Homestead Exemption
An additional $25,000 homestead exemption is provided for the value of homestead property above $50,000. This exemption does not apply to school taxes.Portability
Homestead property owners will be able to transfer their Save Our Homes benefit (up to $500,000) to a new homestead within two years of giving up their previous homestead. If the just value of the new homestead is more than the previous home's just value, the entire differential can be transferred; if the new homestead has a lower just value, the amount of the accumulated benefit that may be transferred is proportional to the value of the new homestead. (For those who gave up their homestead in 2007 before the amendment was passed, the differential may be transferred if they apply for a new homestead January 1, 2008 or January 1, 2009.) This provision applies to all taxes, including school taxes. Tangible Personal Property Exemption A $25,000 exemption is provided for each tangible personal property return. This provision applies to all taxes. 10% Assessment Cap for Non-Homestead Property
Non-homestead property will have a 10% assessment cap (similar to Save Our Homes) but the cap will apply only to non-school levies. The 10% cap will sunset after 10 years.