FREQUENTLY ASKED QUESTIONS
DOUBLE HOMESTEAD
Q: Do I need to fill out an application for the additional $25,000 exemption?
If you have already filed for homestead exemption, the new exemption will automatically be applied to that portion of your assessed value between $50,000 and $75,000.
If not, be sure to file for homestead exemption by March 1st. Both will be processed at that time.
Q: My property is valued at $49,000. How much will my exemption amount increase?
Your amount will not increase from the original $25,000 homestead exemption.
The additional $25,000 exemption applies to property with a value of $50,000 or higher.
Q: How much of the new homestead exemption will I receive on my $66,000 property?
Your total exemption amount will be $41,000. You will receive $25,000 that you are currently getting plus $16,000 for the value between $50,000 and $66,000. The $16,000 does not include an exemption from school board taxes.
PORTABILITY
Q: What is the difference between “deferred amount” and the Save Our Homes Cap?
The Save Our Homes Cap is the amount of percentage increase that homesteaded properties may increase by each year. The deferred amount is the aggregate value of your property that is not being taxed as a result of the Cap limitations.
Q: I sold my homestead property in 2006 and just purchased a new home. Can I bring that SOH cap with me when I apply for my new homestead?
No. The effective date set by law is January 1, 2007. If your prior homestead was not in place January 1, 2007 it doesn’t qualify for the transfer of the SOH deferred amount.
Q: I am recently divorced and will be filing for a new homestead in 2008, but my spouse will remain in our current homesteaded property. Can I take my portion of the SOH with me to the new place?
No. Although there are circumstances where the SOH deferred amount may be distributed by percentage amounts, the law allows this only if the prior homestead exemption is completely abandoned.
Q: Does “abandoned” mean I have to sell my old homestead property?
No. Abandoned refers to the exemption on the property, not the property itself.
You do not have to sell your prior homestead to qualify for portability.
Q: How much time do I have to file for my new homestead in order to keep the SOH Cap?
You have 2 years to file for a new homestead in order to qualify for transfer of the cap.
Q: Can I take my Cap to another county?
Yes. It is transferable throughout Florida. When you apply for your new homestead exemption tell the person taking your application that you wish to transfer your SOH savings from the prior property and they will provide you with the appropriate forms and advice to proceed.
TANGIBLE EXEMPTION
Q: What is Tangible Personal Property?
This is equipment used by a business, including fixtures and other items such as furniture.
Q: Does the $25,000 exemption apply to acquired cost or assessed value?
The first $25,000 of assessed value would be exempt.
Q: I have a small business with less than $25,000 in assets, do I still have to file every year?
In order to qualify for the exemption every owner with an active business operating in the county must file an initial 2008 tax return, even if the assessed value is less than the $25,000 exemption. After the initial filing future filings are waived as long as the assessed value does
not exceed $25,000. If, in subsequent years, the value exceeds the exemption the taxpayer is
obligated to file a return or lose the exemption.
Q: If I have multiple locations for my business, am I required to file separately?
Yes, a return must be filed for each location within the county where the owner transacts business. Freestanding property placed at multiple sites, other than where the owner transacts business, must have a single return filed and will receive one $25,000 exemption (examples: vending and amusement machines, LP/propane tanks, utility and cable company property, billboards and leased equipment.)
NON-HOMESTEAD 10% CAP
Q: Exactly what type of property would receive the 10% cap?
All real property excluding those with homestead exemption or with agricultural classification.
Tangible personal property is also excluded.
Q: I own a second home, that I lease out, and the vacant lot next to it. Do they both qualify?
Yes.
Q: If I sell my second home will the new owner benefit from any accumulated Cap amount?
No. Residential properties of 9 units or less lose the cap with a change of ownership or control.
Currently, applications must be made between January 1 and March 1, 2009, since the 10% Cap will not take effect until January 1, 2009.