Amendment 1 - Frequently Asked Questions About Seminole County Real Estate & Property Taxes

Amendment 1 - Frequently Asked Questions About Seminole County Real Estate & Property Taxes

Q: When will the changes from Amendment 1 show up on my Seminole County real estate tax bill?

A: For those who are eligible, benefits from portability, the additional homestead exemption and the $25,000 exemption for tangible personal property will show up on 2008 tax bills.

Q: How does a person apply for portability?

A: The homesteaded Seminole County property owner should turn in a completed application to the office of the Seminole County property appraiser, or in the county where the new homestead is located, if not Seminole County. A list of all county property appraiser web sites is available from the Florida Department of Revenue at: 

http://dor.myflorida.com/dor/property/appraisers.html

Q: Who's eligible for portability this year?

A: Any person who establishes a new Florida homestead for 2008 and filed to give up the previous homestead sometime after Jan. 1, 2007. In other words, a person who relocated from a homestead last year and is claiming a new homestead for 2008 is eligible. The deadline for 2008 homestead and portability applications is March 1. The portability benefit would show up on the 2008 tax bill.

Q: Who's eligible for portability after that?

A: Any Florida homesteaded property owner who establishes a new homestead for 2009 or any subsequent year-as long as the person had another valid homestead within two years of establishing the new one.

Q: How much is the portability benefit worth?

A: Any homesteaded property owner can transfer up to $500,000 of portability benefit to a new homestead. A person moving to a more expensive home transfers the dollar amount. A person moving to a less expensive home transfers the percentage value.  

Q: I don't plan to move. What happens to the 3 percent cap on property tax assessments I got every year under Save Our Homes?

A: You're still protected. Save Our Homes doesn't go away.

Q: Is there an application for the additional homestead exemption?

A: No. The additional exemption will be granted automatically to anyone qualifying for a base $25,000 homestead exemption. It applies only if a property's assessed value exceeds $50,000.

Q: How much is the additional exemption?

A: The exemption is $25,000, but it does not apply to property taxes assessed for local schools. In other words, no additional exemption will be applied to a property's assessed value for the purposes of levying Seminole County school taxes.

Q: Do Seminole County business owners and mobile-home owners with tangible personal property have to apply for the exemption?

A: To receive the exemption, they must file their 2008 returns. If the value of tangible personal property is under $25,000, they will not have to file again the following year.

Q: When does the 10 percent cap on annual assessment increases for most non-homesteaded Seminole County properties go into effect?

A: It goes into effect in 2009. There will also be an application. Keep checking your Seminole County property appraiser web site for details. A list of all county property appraiser web sites is available from the Florida Department of Revenue at:

http://dor.myflorida.com/dor/property/appraisers.html

Read Also:  Seminole County Home Owners, Are You confused About Amendment 1?

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and real estate, Orlando homes for sale, Orlando relocation information, a free market analysis of your Orlando area home or statistics on homes in Orlando Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer questions.

Related Posts

Get Down Payment Assistance and Buy Your Dream Home in Seminole or Orange County, Florida Today!
Tuscawilla offers the amenities of a big city in natural surroundings
Seminole County Home Owners, Are You confused About Amendment 1?
In Orlando Florida, short sales are a great tool for many experiencing hardship, but beware the tax implications.
Confused about Florida's Property Taxes?