Florida´s Amendment 1 provides welcome tax relief for the long time Florida resident. What this means for the Florida resident:

1. The tax reform provides Florida residents with an existing $25,000 homestead exception with an increase in their exemption to $50,000.
2. When a Florida resident decides to move to a new home in Florida, an exemption of up to $500,000 of accumulated Save-Our-Home-Exemption can be transferred to the new home. This applies as long as the new home is purchased within 2 years. This law is retroactive and includes sales prior to January 1, 2007. If the Florida resident is downsizing, they will get a percentage of their accumulated exemption.
3. Amendment 1 creates a new exemption for the first $25,000 of assessed value for tangible personal property. This eliminates this tax and associated accounting work for most landlords and small businesses and reduces the tax for large landlords and businesses.
4. The amendment caps the assessed value for non-homestead properties at 10% a year increase. This cap is removed if the property is sold and this cap expires on January 1, 2019

The biggest changes that a Florida resident will see is that this tax amendment will allow them the freedom to move to new homes and not worry about a large property tax increase. Many Florida residents were reluctant to move because they could have been faced with much higher taxes on their new home. The Save-Our-Home portability now allows residents who are currently locked in their homes to upsize or downsize as they wish without the concern of increasing taxes. That in turn frees up their homes for others perspective buyers. This makes it a win-win situation for both Florida residents and the increasing number of people who want to become Florida residents.

Amendment 1 has passed. Now is the time for Florida residents to take advantage of the new law and make that move to a new home and for others to move to Florida. Become a Florida resident, and take advantage of the tax change and all the fringe benefits of Florida living. Diane Shattuck is here to help you to find that perfect house, condo or town home. We have entered a new era in Florida and the time to move is Now! Call Diane or e-mail her to make your dream come true.

Contact ME at diane@homesinbrevardcounty.com or Call ME at 321.258.2608