Clearwater Florida Real Estate | Property Tax Portability – How to Calculate Your Benefit
February 24th, 2008 Categories: Clearwater Beach Florida
Clearwater Florida Election Results are In – Real Estate a Big Winner!
Clearwater Florida – Pinellas County is reporting a 37% voter turnout – which tops even the 2000 and 2004 Presidential Primaries.
Amendment 1 did pass so for many of my Clearwater Florida real estate clients looking to buy a second home or condo in the Clearwater or Tampa Bay area – theyll be happy to know that the 10% per year tax cap passed for all non-homestead owners Clearwater home owners!
Many of us think it should have been 5% but our thought is half a loaf is better than no loaf – especially in this Clearwater Florida real estate market! Were making progress and the journeys not over but I believe its moving in the right direction.
Ive included full detail how to calculate your new Save Our Homes Tax Equity and Portability.
Pack your bags – Pinellas County Property Tax Portability Passes
We also have friends and neighbors who have wanted to move into a larger Clearwater home or downsize into a smaller one – all have been stuck in their home as our Florida Governor, Charlie Crist said today – now home owners are no longer ‘trapped in their home’.
Im happy those people can now make their personal decisions to benefit their own family and not be faced with having to pay a huge property tax penalty. I have shared with many of you that when Jack and I sold a beach house 3 years ago and bought one 1/2 as expensive our taxes doubled – so do the math that was a 4 times increase FOREVER – it was huge and Im glad others will not have the same experience we did! So what are some of the highlights of todays election results on a local level¦.
- Clearwater Mayor Frank Hibbard won re-election soundly which means Beach-walk and many of the projects started will progress on the same path.
- We also extended the 1/2 millage tax to continue for our schools and for the big news¦
- Amendment 1 passed! I shared all the benefits on Amendment 1 on Florida Property Taxes, however, I didnt detail how to calculate your ‘property tax portability’ instead waiting to see what our voters decided.
Calculating Florida Property Tax Portability Benefit
Step 1: Take a copy of your property tax record (its also available online) and find the two values:
- Just Market Value
- Assessed Value
See Related articles on how to calculate these items:
Clearwater Florida Home Buyers Guide to Pinellas Property Tax Values – Part 1
Clearwater Florida Real Estate Guide to What Your Property Taxes Will Be | Part 2
Step 2: Subtract the Just Market Value from Assessed Value to get your new ‘Tax Equity’
- Just Market value – Assessed Value = Your Tax Equity
Step 3: If it is more than $500,000 – then change the number or use the number $500,000 (this is the maximum currently allowed under the new amendment) Step 4: Determine your potential new homes assessed value If your new homes just market value is equal to or greater than your current home use this formula to find new assessed value:
- New Homes Just Market value – Tax Equity (see above) = New Homes Assessed Value
If your new homes market value is less than your current home then you must first calculate your prorated tax equity using this formula:
- (New Homes Just Market Value / Current Homes Just Market Value ) x Tax Equity = Prorated Tax Equity
Then calculate your new homes assessed value using this formula:
- New Homes Just Market Value – Prorated Tax Equity = New Homes Assessed Value
Other Related Articles:
So, call us today to discuss any property tax estimates or info on how we can help you sell your current home or buy an investment property or beach house, condos or villas on our Tampa Bay beaches
.
Why Choose to work with Us?
Heres what some of our past clients have to say about how we helped them – .
- ‘you treated us like family’
- ‘you dig for info on each property, researched and worked hard to make sure we knew everything about the home we bought’
- ‘being out of state we needed someone we could trust – and that was you!’
- ‘we didnt want any pressure – we worked with you a long time and there was never any pressure’
- ‘you are the Painless REALTORS – Ive bought and sold homes and you handled all the details for us – thanks’
Buyers and Sellers continue to tell us that selecting the best Tampa Bay Realtors, online or from a distance, can be a challenge. So some of our past clients agreed to share their experiences and tell you why they think you should work with us. Meet some of our clients and now friends – wed love to be YOUR choice too! Give us a call so we can to discuss your needs! (727) 710-8036 P.S. Now that the property tax issues been settled – Go ahead an search all the properties for sale in the Tampa Bay MLS now.
Copyright © 2007 Jack and Cyndee Haydon, REALTORS and Clearwater Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
About Cyndee Haydon
Cyndee Haydon, Realtor with Future Home Realty specializing in luxury waterfront and beach homes of Clearwater Beach - St Pete - Tampa Bay area with her husband and partner, Jack Haydon Cyndee's Google Profile
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