There has been so much talk lately about homeowner's taxes and what effect the new legislation will have on everyone. It is very complicated to say the least. The Sun Sentinel newspaper recently created a tax calculator to help you figure out just what effect the taxes will have on you as well as a very comprehensive question and answer segment. Please click on the links below to determine how you are effected.
http://www.sun-sentinel2.com/taxCalc/
http://www.sun-sentinel.com/news/legislature/sfl-flftaxqa0627nbjun27,0,2844865.story?coll=sns-newsnation-headlines&track=mostemailedlink
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Wednesday, June 27, 2007
Saturday, June 16, 2007
Hurricane Season 2007
The hurricane season starts June 1st every year and ends on November 30th. Since it lasts half of the calendar year, it is very important to be prepared and have a reference guide with critical updated storm information, important phone numbers, as well as everything else associated with hurricanes. I did plenty of research to find the best information I could provide you and found it on a web page from the Miami Herald. Please click on the link below to view it and save it as one of your favorites or links on your computer for easy access in the future. Try and not wait until the last minute to be prepared, and always remember that I am only a phone call away. I'll do whatever I can to help in times of need.
http://www.miamiherald.com/storm/
If you want a printed copy with all the information, please contact me and I will send you one at no cost.
Take care and be safe,
Amit
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
http://www.miamiherald.com/storm/
If you want a printed copy with all the information, please contact me and I will send you one at no cost.
Take care and be safe,
Amit
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Thursday, June 14, 2007
Latest Property Tax News
The Florida Association of Realtors(R) just reported that the
Legislature has adjourned Sine Die at 6:28 pm today bringing
the 2007 Special Session on Property Tax Reform to a close.
Both the House and Senate passed all three bills making up
the property tax reform package. The package includes a
statutory rollback and cap of property tax rates, a proposed
constitutional amendment creating a "super homestead
exemption" and a bill designating the upcoming January 29,
2008 presidential preference primary as the date for Floridians
to vote on the "super homestead exemption" amendment.
Below is some additional detail on what is included in the
final deal. They will continue to work on reforms that we
consider the top priorities such as "highest and best use."
The agreement consists of a two-tiered approach to achieve
immediate relief and long-term reform. The combined
elements of the plan offer $31.6 billion in tax relief over the
next five years. This is touted by House and Senate leaders
as by far the largest tax cut in the history of Florida.
1. The Statutory Component - Immediate Tax Relief
Cities and counties must lower their tax rates a certain
percentage based on their past taxing conduct. This component
of the plan offers $15.6 billion of tax relief over five years,
with savings beginning this year. The statutory component
affects all properties in a positive way (homestead, non
homestead, commercial).
· First, all cities and counties must adopt the rolled-back rate
for the coming fiscal year. In other words, tax levies for
FY 2007-08 must be equal to tax levies for FY 2006-07,
excluding taxes levied from new construction.
· After adopting the rolled-back rate, the bill requires each city
and county to further reduce taxes based on their recent taxing
history (from 2001 to 2006, the period in which property values
rapidly increased). To delve into this further, there will be five
tiers. Between 2001 and 2006, if a County had an average
annual tax levy increase of a certain percentage then they'd have
to roll back a certain percentage more. So, if their tax increase
was below 5% the cut is 0; over 5 to 7% tax increase the cut is
additional 3%; over 7 to 9% tax increase the cut is 5%; over 9%
to 11% the cut is 7%; and over 11% tax increase the cut is an
additional 9%. The City cuts are similar. The bottom line is
that those counties and cities that increased taxes at a faster
rate than the statewide average must offer larger tax cuts.
Those that modestly increased tax levies will in turn sustain
smaller tax cuts.
· Beginning in 2008-2009 and every year thereafter, the bill
requires all local ad valorem taxing authorities except school
districts to set millage rates in accordance with the rolled-back
rate, adjusted by the annual growth of Florida personal income.
A local governing authority may override this cap requirement
by guidelines setforth in statute.
2. The Constitutional Component - Long-term Reform
The constitutional amendment cures the inequities in the
property tax system by transforming Save Our Homes through
a new "super" homestead exemption. The new exemption
covers 75% of the first $200,000 of homestead value and 15%
of the next $300,000, with all homesteads receiving at least
a $50,000 exemption. Current homestead owners will be given
a choice as to whether to keep their benefits and assessment
cap under Save Our Homes or to use the new super exemption.
The bill also authorizes a $25,000 Tangible Personal Property
exemption and allows targeted relief for affordable housing,
low-income seniors, and working waterfronts. This component
offers $16 billion of tax relief.
3. The Special Election
This bill authorizes a special election for #2 above. Voters
will have the opportunity to adopt the proposed constitutional
amendment during the presidential preference primary on
January 29, 2008. If voters approve the amendment, it will
lower property tax bills in 2008. If the vote on the
constitutional amendment is delayed until the general election
in 2008, the reforms will not take effect until tax bills are
calculated in 2009.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Legislature has adjourned Sine Die at 6:28 pm today bringing
the 2007 Special Session on Property Tax Reform to a close.
Both the House and Senate passed all three bills making up
the property tax reform package. The package includes a
statutory rollback and cap of property tax rates, a proposed
constitutional amendment creating a "super homestead
exemption" and a bill designating the upcoming January 29,
2008 presidential preference primary as the date for Floridians
to vote on the "super homestead exemption" amendment.
Below is some additional detail on what is included in the
final deal. They will continue to work on reforms that we
consider the top priorities such as "highest and best use."
The agreement consists of a two-tiered approach to achieve
immediate relief and long-term reform. The combined
elements of the plan offer $31.6 billion in tax relief over the
next five years. This is touted by House and Senate leaders
as by far the largest tax cut in the history of Florida.
1. The Statutory Component - Immediate Tax Relief
Cities and counties must lower their tax rates a certain
percentage based on their past taxing conduct. This component
of the plan offers $15.6 billion of tax relief over five years,
with savings beginning this year. The statutory component
affects all properties in a positive way (homestead, non
homestead, commercial).
· First, all cities and counties must adopt the rolled-back rate
for the coming fiscal year. In other words, tax levies for
FY 2007-08 must be equal to tax levies for FY 2006-07,
excluding taxes levied from new construction.
· After adopting the rolled-back rate, the bill requires each city
and county to further reduce taxes based on their recent taxing
history (from 2001 to 2006, the period in which property values
rapidly increased). To delve into this further, there will be five
tiers. Between 2001 and 2006, if a County had an average
annual tax levy increase of a certain percentage then they'd have
to roll back a certain percentage more. So, if their tax increase
was below 5% the cut is 0; over 5 to 7% tax increase the cut is
additional 3%; over 7 to 9% tax increase the cut is 5%; over 9%
to 11% the cut is 7%; and over 11% tax increase the cut is an
additional 9%. The City cuts are similar. The bottom line is
that those counties and cities that increased taxes at a faster
rate than the statewide average must offer larger tax cuts.
Those that modestly increased tax levies will in turn sustain
smaller tax cuts.
· Beginning in 2008-2009 and every year thereafter, the bill
requires all local ad valorem taxing authorities except school
districts to set millage rates in accordance with the rolled-back
rate, adjusted by the annual growth of Florida personal income.
A local governing authority may override this cap requirement
by guidelines setforth in statute.
2. The Constitutional Component - Long-term Reform
The constitutional amendment cures the inequities in the
property tax system by transforming Save Our Homes through
a new "super" homestead exemption. The new exemption
covers 75% of the first $200,000 of homestead value and 15%
of the next $300,000, with all homesteads receiving at least
a $50,000 exemption. Current homestead owners will be given
a choice as to whether to keep their benefits and assessment
cap under Save Our Homes or to use the new super exemption.
The bill also authorizes a $25,000 Tangible Personal Property
exemption and allows targeted relief for affordable housing,
low-income seniors, and working waterfronts. This component
offers $16 billion of tax relief.
3. The Special Election
This bill authorizes a special election for #2 above. Voters
will have the opportunity to adopt the proposed constitutional
amendment during the presidential preference primary on
January 29, 2008. If voters approve the amendment, it will
lower property tax bills in 2008. If the vote on the
constitutional amendment is delayed until the general election
in 2008, the reforms will not take effect until tax bills are
calculated in 2009.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
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