On January 29, 2008 along with the Florida Presidential Primaries, a constitutional amendment will be placed on the ballot that would change how homesteads are assessed in the State of Florida. If the amendment passes, all property owners who have a homestead exemption as of January 1, 2008 must choose to do one of the following:
a) Keep their existing homestead exemption and their current Save Our Homes cap.
The homestead amount is $25,000 and the cap limits any annual assessed value increases on that homestead to the lesser of 3 percent or the change in the Consumer Price Index, as long as they maintain it as their homestead.
- or -
b) Convert to the Super Homestead Exemption and give up Save Our Homes.
The new Super Exemption will exempt 75% of the first $200,000 of value on the homestead and 15% of the next $300,000 with no cap on value increases. This option can be chosen in 2008 or in a later year, but the choice is irrevocable.
If the amendment passes, all persons with homestead exemption in 2008 will continue under Save Our Homes unless they file a form with the Property Appraiser's Office to switch to the Super Exemption. All applications filed for homestead exemption for 2009 and thereafter will be for the Super Exemption - Save Our Homes will no longer be available.
Nobody can guarantee which option is better for you or guarantee that the forecasts they make will prove accurate over time. Uncertain future variables such as inflation, the increase in real estate values, the length of time you will continue to live in your home and the amount of capped value you currently have must be considered.
We have added a calculator to help you make your own forecast of which option would be best for you, based on the variables that you select. We hope this will be helpful as you prepare to make a choice in the event that the amendment passes in January.
Click the button below to access the Super Homestead Calculator:
