Portability
Florida voters overwhelmingly approved Amendment 1 in January 2008, which doubles the homestead exemption to $50,000, affords homesteaded owners the "portability" right to move Save Our Homes benefits to a new homesteaded property, grants businesses and mobile home residents a $25,000 break on tangible personal property taxes, and caps annual increases for non-homesteaded properties to no more than 10%.
Most importantly, the proposal fully preserved our existing 3% Save Our Homes cap. Also, Homesteaded owners do NOT need to apply for the additional savings, as the $50,000 homestead exemption amount will be automatically applied starting this year. The Florida Department of Revenue (DOR) has drafted the initial forms, guidelines and administrative rules to implement the rest of these new benefits. Click here to visit the DOR website tracking these developments. You can also read the enabling legislation for the amendment by clicking here if you'd like to learn more.
If you had homestead on one Florida property in 2007 and are now seeking to move your homestead to a new location in 2008: Click here to download the new portability application
If you are a Broward business owner, filing your 2008 tangible personal property tax return with our office will also serve as your application for the new $25,000 exemption on tangible personal property.
For more information call us today at 954-438-0345!