Property Tax Reform PowerPoint for Local

Understanding Portability : 

Understanding Portability

Slide 2: 

Danielle Blake Vice President of Government Affairs Realtor® Association of Greater Miami & the Beaches (RAMB) danielle@miamire.com (305) 468-7015 - Direct Line

Save Our Homes : 

Save Our Homes Q: What is Save Our Homes (SOH)?

Save Our Homes : 

Save Our Homes Q: What is Save Our Homes (SOH)? A: An assessment cap on all homestead properties of 3% or Consumer Price Index (CPI) (whichever is less) beginning from the base year. Base year – the year in which the property owner applies for homestead exemption.

Property Tax Terminology : 

Property Tax Terminology

In arriving at just valuation as required under s. 4, Art. VII of the State Constitution, the property appraiser shall take into consideration the following factors: : 

In arriving at just valuation as required under s. 4, Art. VII of the State Constitution, the property appraiser shall take into consideration the following factors: The present cash value of the property, which is the amount a willing purchaser would pay a willing seller, exclusive of reasonable fees and costs of purchase, in cash or the immediate equivalent thereof in a transaction at arm's length; The highest and best use to which the property can be expected to be put in the immediate future and the present use of the property, taking into consideration any applicable judicial limitation, local or state land use regulation, or historic preservation ordinance, and considering any moratorium imposed by executive order, law, ordinance, regulation, resolution, or proclamation adopted by any governmental body or agency or the Governor when the moratorium or judicial limitation prohibits or restricts the development or improvement of property as otherwise authorized by applicable law. The applicable governmental body or agency or the Governor shall notify the property appraiser in writing of any executive order, ordinance, regulation, resolution, or proclamation it adopts imposing any such limitation, regulation, or moratorium; The location of said property; The quantity or size of said property; The cost of said property and the present replacement value of any improvements thereon; The condition of said property; The income from said property; and The net proceeds of the sale of the property, as received by the seller, after deduction of all of the usual and reasonable fees and costs of the sale, including the costs and expenses of financing, and allowance for unconventional or atypical terms of financing arrangements. When the net proceeds of the sale of any property are utilized, directly or indirectly, in the determination of just valuation of realty of the sold parcel or any other parcel under the provisions of this section, the property appraiser, for the purposes of such determination, shall exclude any portion of such net proceeds attributable to payments for household furnishings or other items of personal property. Fla Stat. s. 193.011 (2004).

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 -

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability Jan. 1, 2009 –

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability Jan. 1, 2009 – Homestead Qualifying Date

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability Jan. 1, 2009 – Homestead Qualifying Date Mar. 2, 2009 –

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability Jan. 1, 2009 – Homestead Qualifying Date Mar. 2, 2009 – Homestead Exemption & Portability Deadline

Important Dates for 2009 Tax Bill : 

Important Dates for 2009 Tax Bill Jan. 1, 2007 – Effective Date of Portability Jan. 1, 2009 – Homestead Qualifying Date Mar. 2, 2009 – Homestead Exemption & Portability Deadline VAB Petition – 25 Days after TRIM Notice is Mailed Two (2) years to apply portability

Upsizing Portability Formula : 

Upsizing Portability Formula New Just Value – Cap Differential = New Assessed Value Portable Cap - up to $500K

Downsizing Portability Formula : 

Downsizing Portability Formula New Just Value / Old Just Value x Old Assessed Value = New Assessed Value Portable Cap - up to $500K

Downsizing Portability Formula : 

Downsizing Portability Formula Old Assessed Value / Old Just Value x New Just Value = New Assessed Value Portable Cap - up to $500K

Current Savings : 

Current Savings $50,000 - Homestead Exemption $50,000 – Senior Exemption (Income Restriction) Optional – only 53 counties & 178 cities participated at $25K as of 4/1/2007 Miami-Dade County & 16 cities adopted the $50,000; 9 other cities allow a $25,000 $5K – Disabled Veteran/Spouse Exemption Percentage Discount - Veterans (65+) equal to % of disability (2007) $500 – Widow/Widower Exemption $500 - Disability or Blind Exemption 3% “Save Our Homes” Cap and Portability

Slide 18: 

Danielle Blake Vice President of Government Affairs Realtor® Association of Greater Miami & the Beaches (RAMB) danielle@miamire.com (305) 468-7015 - Direct Line www.miamidade.gov/pa