On January 29, 2008, Florida Voters will vote on a Proposed Constitutional Amendment altering the 1992 Save Our Homes Amendment. It is important to read all of the details in order to make a sound voting decision.
Did you know that there are two phases the tax reform?
Phase 1: Statutory millage rollback and local government revenue cap.
A millage rate (also known as the tax rate) is a figure applied to the just property value to calculate your property tax liability. One "mill" is one dollar of tax on every thousand dollars of taxable or just value. Your tax dollars are used to fund the cost of government in any given year.
Now, we must understand the 1992 Save Our Homes amendment did NOT regulate, cap or in any way limit potential increases in this rate. Therefore, ONLY OUR Taxable Values increases were capped at 3% as it relates to a homestead property.
The current proposed millage rollback is based on analysis of the individual taxing districts throughout FL and their historical increases and decreases. According to the figures provided by FAR, each district will have mandated rollback from 0% to 9%, depending on individual analysis.
Afterwards, there will be tax cap provisions based on 5-year history of levies. Further, beginning fiscal year 2008 and 2009 plus every year thereafter millarge rates (with the exception of School Boards) will be capped to an annual growth rate equal to the growth of FL personal income (historically 4% per year). There are penalties defined and in place for County governments not complying with the legislation.
Phase 2: Proposed Constitutional Amendment Changing the nature of the Prior 1992 Save our Homes Amendment:
YOU HAVE A CHOICE : Keep Your Save Our Homes Exemption or Choose Super-Homestead Exemption
According to FAR, approximately 73% of homesteaded properties would immediately save more money under the Super Homestead Exemption.
Think about this... Have You moved to a new Homestead or Upgraded to a More Expensive or Larger Home since 1992? Then, Your initial 1992 savings was compromised when you moved.
Have you moved to a new Homestead or Upgraded to a More Expensive or Larger Home since 2004? Then, You are more than likely paying more taxes under the Save Our Homes than under the proposed Super-Homestead Exemption!
The 1992 Save our Homes Amendment did not consider that home owners would be upgrading, better their neighborhood or moving every 5 to 7 years. It did not consider the First Time Home Buyers who will be afforded more than the present $25,000 homestead exemption (up to $195,000). It also did NOT limit millage rate hikes by local governments, at their discretion--thereby potentially NEGATING the effect of Save Our Homes.
REMEMBER: The CHOICE IS YOURS.. (1992 Save Our Homes or Super-Homestead Exemption)... Keep it Yours!There is no deadline for you to choose on Your Present Homestead...
Super-Homestead will allow baby-boomers from other States to Retire in The Sunshine State. Thus, spawning renewed interest and Market Activity for Real Estate locally! LET'S MAKE GOVERNMENT ACCOUNTABLE FOR THEIR BUDGET ! Click Below for More Detailed Information on the Proposed Amendment....
Copy the Link Below and Read all of the Details....
http://www.floridarealtors.org/LegislativeCenter/6-28-07-property-tax-talking-points.cfm
And Remember to Vote on January 29, 2008....
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