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Additional Homestead Exemption
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Do I have to apply for this additional Homestead Exemption?
- No, the additional exemption will automatically be applied to all property that currently is receiving a Homestead Exemption as long as the Assessed Value exceeds $50,000.
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Am I going to save as much on the additional $25,000 Homestead as I did with my existing $25,000 Homestead Exemption?
- No, the additional Homestead Exemption applies to all levies with the exception of the School District, which makes up a large portion of your Millage Rate.
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Can I also apply for my other additional exemptions such as Widows/Widowers, Disability or Low Income Senior Exemption and qualify for the additional Homestead Exemption?
- Yes.
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How is this additional exemption calculated?
- If your property has an Assessed Value of up to $50,000, you will keep the current amount of your Homestead Exemption; any property with an Assessed Value from $50,001 through $74,999 will receive an increase proportionately up to $24,999; and any property with an Assessed Value of $75,000 or more wil receive the full additional $25,000 Homestead Exemption.
|
Home #1 |
Home #2 |
Home #3 |
| Assessed Value |
$45,000 |
$55,000 |
$75,000 |
| Minus Current Exemption |
-$25,000 |
-$25,000 |
-$25,000 |
| Minus Additional Exemption |
$0 |
-$5,000 |
-$25,000 |
| Equals Taxable Value |
$20,000 |
$25,000 |
$25,000 |
Portability
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What is Portability?
- The ability to transfer the “Save Our Homes” benefit Assessment Limitation (the difference between Market Value and the Assessed Value). Homestead property owners will be allowed to transfer their “Save Our Homes” benefit to a new Homestead (up to $500,000).
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How is it calculated?
- If the new Homestead’s Just Value is more than the old Homestead, this is “Upsizing.”
| Example of Portability Calculation if “Upsizing” |
| Old Homestead |
New Homestead |
| Just Value: |
$250,000 |
| Assessed Value: |
-$150,000 |
| SOH Cap (Deferral): |
$100,000 |
|
| Just Value: |
$400,000 |
| SOH Cap (Deferral): |
-$100,000 |
| Assessed Value: |
$300,000 |
|
If the new Homestead’s Just Value is less than the old Homestead, this is “Downsizing” and the percentage of the accumulated benefit may be transferred to the new Homestead.
| Example of Portability Calculation if “Downsizing” |
| Old Homestead |
| Just Value: |
$250,000 |
| Assessed Value: |
-$150,000 |
| SOH Cap (Deferral): |
$100,000 |
|
New Assessed Value is calculated using a Ratio between the Old Homestead Assessed Value and Just Value
$150,000 / $250,000 = 60% |
New Homestead
Just Value $200,000 X Ratio: 60% = Assessed Value: $120,000 |
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When does Portability go into effect?
- The 2008 Tax Year is the first year you may apply for portability if you had a Homestead Exemption in 2007
-
If I sold my property in 2006, can I qualify for portability?
- No, the law only allows portability for any property that had a Homestead in 2007 forward and allows up to 2 years to use the portability starting in 2007.
-
Do I have to sell my home before I can qualify for portability?
- No, you only need to cancel your existing Homestead, meaning you may still own the property, but no longer receive an exemption on the property for the year you are applying for portability.
-
If I owned a property with another owner and they still live in my previous home, can I apply for portability?
- The law requires the previous exemption be cancelled before you can transfer any of the benefit of the Assessment Cap.
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Do I have to purchase a new property to get the portability benefit?
- No, if you already own another property (i.e., second home, beach house, etc.) and establish your Homestead there for 2008, you can remove the Homestead from the old property and apply for the Portability Benefit.
-
How and When do I apply for Portability?
- When you are applying for Homestead Exemption on your new property, you will need to complete te DR-501T “Transfer of Homestead Assessment Difference” form. If you have already applied for the Homestead Exemption, you can download the DR-501T “Transfer of Homestead Assessment Difference” form HERE, complete it, and submit it to the Property Appraiser. Upon submission, they will send it to the Property Appraiser of your previous Homestead. Your previous Property Appraiser will issue a “Certificate of Portability” DR-501R form that will be sent back to your new Property Appraiser to calculate your Portability amount.
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Can I also apply for additional exemptions such as Widows/Widowers, Disability, or Low Income Senior Exemption if I have portability?
- Yes, Portability adjusts the Assessed Value of the new Homestead property; any additional exemptions that you qualify for will be deducted from that Assessed Value.
Non-Homestead 10% Assessment Limiation Cap
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What does Non-Homestead Property mean?
- All properties that are not receiving a Homestead exemption such as vacant land, commercial properties, and rental properties.
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When will this become effective?
- This will become effective January 1, 2009.
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How do I apply for the 10% Cap?
- At this time, this has not yet been determined by the Department of Revenue.
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Can I get this exemption on my Homestead property?
- No.
-
Does the 10% Assessment Limitation Cap apply to all taxes levied?
- No, it applies only to all levies with the exception of the School District.
$25,000 Tangible Personal Property Exemption (TPP)
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What is Tangible Personal Property?
- This is an assessment imposed for the equipment, fixtures, and furniture used by all business, rental properties, and mobile home attachments.
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How do I apply for this exemption?
- The 2008 Tangible Personal Property Tax Return shall be considered an application for the exemption and will be applied to the first $25,000 in value for the Tangible Personal Property account.
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What millage rate is used for this exemption?
- This exemption applies to the entire millage rate, unlike many of the new exemptions approved under Amendment 1.
-
When does this exemption become effective?
- This exemption will become effective for the 2008 Tax Year.
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When must I file my Tangible Personal Property Return?
- All returns must be filed by April 1st.
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Who can I contact with additional questions?
- Call the Tangible Properties department at (352) 754-4190.
And as always, if we can be of assistance in any way, please don’t hesitate to call us at 352-397-5182 or email me at Josh@HernandoLuxuryHomes.com.
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About the AuthorJosh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the co-founder (along with Natalie) of the Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh & Natalie are proud to offer a higher level of service. Contact them today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what they can do for you. View other posts by Josh
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