Amendment OneAmendment One

AMENDMENT 1WHAT DOES IT MEAN TO ME?

AMENDMENT 1WHAT DOES IT MEAN TO ME?

Presented ByPresented By

DOUBLE HOMESTEAD EXEMPTION

DOUBLE HOMESTEAD EXEMPTION

Owners of homestead property will receive a second $25,000 homestead exemption on the assessed value of the homestead between $50,000 and $75,000 on the value of their homes over $50,000.

The average savings to Seminole County homestead property owners will be $230.

* This exemption will not apply to school property tax levies.

* This exemption will not apply to school property tax levies.

Additional $25,000 Homestead Exemption

Additional $25,000 Homestead Exemption

Assessed value = $100,000Existing homestead exemption = $25,000Next $25,000 of value (from $25,001 to $50,000) taxableAdditional homestead exemption = $25,000School taxes will be levied on $75,000All other taxes will be levied on $50,000

Example:Example:

Exactly What Happens If I buy a Different Home Next Year and Establish My Homestead There?Exactly What Happens If I buy a Different Home Next Year and Establish My Homestead There?

PORTABILITYPORTABILITY

Homeowners buying a home with a higher just market value than their previous home may transfer their Save Our Homes savings to the new home - up to $500,000.

Previous Home Valued @ $400,000 - Previous Home Assessed @ $200,000 (Save Our Homes Value); New Home Valued @ $500,000 - $200,000 (Transferred Save Our Homes Value) = $300,000 (New Assessed Value for new home)

Upsizing:Upsizing:

Example:Example:

Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase.

Owners of homestead property can take up to $500,000 of Save Our Homes savings to a new home purchase.

PORTABILITYPORTABILITY

Homeowners buying a home with a lower just market value than the previous home may transfer a pro-rated portion of their Save Our Homes savings.

Previous Home Valued @ $400,000; Previous Home Assessed @ $200,000; New Home Valued @ $300,000 resulting in a pro-rated Save Our Homes savings of $150,000 ($300,000 x .50%) = $150,000 Assessed Value of new homestead.

Downsizing:Downsizing:

Example:Example:

The average Seminole County Save Our Homes savings = $1,670.

*Will apply to all property taxes - including schools.

The average Seminole County Save Our Homes savings = $1,670.

*Will apply to all property taxes - including schools.

TANGIBLE PERSONAL PROPERTY

TANGIBLE PERSONAL PROPERTY

Authorizes an exemption from property taxes of $25,000 of assessed value for tangible personal property.

*Will apply to all property tax levies - including schools.*Will apply to all property tax levies - including schools.

ASSESSMENT CAPASSESSMENT CAP

Property assessments for non homestead property will increase no more than 10% annually.

This provision will not take effect until the 2009 tax year

*Will not apply to school property tax levies.*Will not apply to school property tax levies.

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