As a Florida Real Estate Agent, I have seen the negative impact the steep rise in property taxes has had not only upon the real estate market, but on my clients who struggle to pay the monthly impact out of their budgets.  It is my desire to save my clients as much money as possible, so I was pleased Amendment 1 passed.  It's not perfect, and it doesn't reach as far as I'd hoped, but I believe it's a step in the right direction.  I'd love to hear your views on the property tax situation.

Now- to save money on your taxes, keep reading....

First of all, if you purchased a home (as your full-time residence) in the state of Florida in 2007, do NOT forget to file for Homestead Exemption!  This will save you thousands over the years.  Not only will you write off $50,000 in taxable value for your home, you will cap your increase to no more than about 3% per year, no matter how much property values rise (and they WILL rise again!).  If you are one of my clients, you should have already received a friendly reminder from me in the mail.  In Orange County, you can file online.  In other counties as well as Orange County, you can file at the property appraiser's office.  I even saw a kiosk for Homestead Exemption Applications in the Florida Mall (on the Nordstrom's end)  The deadline to file is March 1.  Note:  The Homestead Exemption was previously $25,000...the passage of Amendment 1 doubled that to $50,000.

If you are interested in what the new portability provision in the recently passed Amendment 1 means to you, this applies to those who moved from one homestead to another (even in 2007)...you can carry your tax savings built up in the previous home to the new home.  If you've been feeling trapped in your home because of your current tax savings...the portability provision frees you to move up or down without such a drastic impact on your property taxes.

There are tax savings for business owners as well.  Get the answers to your questions on the new tax amendment at the link below.

 http://dor.myflorida.com/dor/property/sb4d.html

Warmly,

Carey Light

Keller Williams Realty, Orlando Florida

321.297.4330

www.CareyLight.com