New Property Assessment Limitation Changes

I just received a very important piece of mail form the Miami-Dade County Department of Property Appraisal today. If you are like most people, you will quickly scan and throw it away without reading it carefully. If you do that, it may cost you thousands of dollars in the future. So for everyone's convenience I have copied it word for word below. Please read it carefully.

The law affecting property assessment limitations was changed this year. Beginning in the second year of a Homestead Exemption the assessed value of a property is limited to a 3% increase. This is still true. However there is a new exception to the Save Our Homes (SOH) assessment limitation law. If you add a new owner to your property and the new owner files for Homestead Exemption on your property, the new Law now requires the Property Appraiser to remove the assessment limitation even if the original owner still qualifies for the original Homestead Exemption. What this means to a homeowner is often substantially higher taxes. There are however, exceptions to this rule such as an addition of a husband or a wife.

Before you make changes to the ownership of your property, I recommend getting advice from your lawyer. If you have any questions about the changes in the law, you can call the Property Appraisal Department at (305) 375-4125.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

South Florida Real Estate Market - Perception vs Reality

The real estate market in South Florida has changed tremendously in the last year. With so many different stories by the media and just listening to people talk about the market, it is very difficult to separate perception from reality. I hope after reading this, you will get a better understanding of what the facts really are in the Miami Dade County real estate market.

• In November 2005, there were 803 single family homes that sold in Miami Dade County compared to 635 that were sold in November 2006.
• In November 2005, there were 5,440 single family homes for sale compared to 11,618 for sale in November 2006.
• In November 2005, there were 1,102 condos that sold in Miami Dade County compared to 654 that were sold in November 2006.
• In November 2005, there were 9,055 condos for sale compared to 20,640 for sale in November 2006.

Although the sales have gone down in the Miami Dade County real estate market a great deal in one year, there are some places where things are definitely not as bad. In Kendall, South Miami, and Pinecrest sales are within a few of being the same as last year. So the actual amount of people looking to purchase homes (buyers) is approximately the same from last year to this year. The biggest difference in any area in Miami Dade County from last year to this year is the amount of properties available for sale. In most areas it has doubled if not tripled.

If you are interested in finding out the statistics for your area or are interested in selling your home and want to stand out from the crowd, please contact me.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com