Amendment 1

Amendment 1 The Florida Department of Revenue is the best source for up-to-date information, including documents and forms related to portability, the additional homestead exemption and the tangible personal property tax exemption. Here’s a quick overview:

Increased homestead exemption. Homeowners will receive automatically. No action is necessary.

Portability is retroactive to Jan. 1, 2007. Clients who sold their homestead last year and bought a new home that qualifies as a homestead as of Jan. 1, 2008, must apply by March 1, 2008, to their county property appraiser to transfer their Save Our Homes benefit. A portability application form is available from the DOR Web site.

$25,000 exemption for tangible personal property. This tax applies to businesses and certain owners of mobile homes. It does not apply to homestead property. In order to receive the exemption, taxpayers subject to the tax must file a tangible personal property return with their Property Appraiser by April 1, 2008.

10% annual assessment cap for non-homestead property. The 10% cap does not apply until next year. No action is necessary in 2008.

Dick Davis
Dale Sorensen Real Estate

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