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