What you should do to receive benefits of Amendment 1
Citizens voted January 29th to change the property tax system in Florida. To receive some of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008.
The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief:
Increased homestead exemption
Portability of “Save our Homes” benefit
$25,000 exemption for tangible personal property
10% annual assessment limitation for non-homestead property
What taxpayers must do to receive these new benefits:
Increased homestead exemption - Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary.
Portability of “Save our Homes” benefits - If you received the homestead exemption in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of “Save our Homes” to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the “Save Our Homes” benefit to your new homestead for 2008.
$25,000 exemption for tangible personal property - Tangible personal property taxes apply only to certain taxpayers in Florida - typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008.
10% limit on annual assessment increases for non-homestead property - The 10% limitation does not apply until next year. No application is necessary for 2008.
If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida's property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.
Wednesday, February 27, 2008
Wednesday, February 20, 2008
Florida's Strong Population Boost Strong Demand for Housing
As one of the fastest growing states in the nation, Florida’s population is expected to increase by 325,000 in 2008, spurring demand for working-age and retirement housing.
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
“Florida remains a prime destination for workers seeking new jobs and for the growing wave of baby boomers,” said economist Hank Fishkind, president of Fishkind & Associates in Orlando. “However, a slower national economy means that 2008 growth will be somewhat below the levels seen during the recent boom years.”
Fishkind’s analysis of demographic data indicates Florida enjoyed a net population growth of 350,000 each year from 2000 to 2006. That includes about 203,000 people who moved to Florida from other states, about 107,000 migrants from foreign countries and about 47,000 from natural increase (total births minus total deaths).
“It’s important to note that this is net growth,” added Fishkind. “The actual number of people who move to Florida each year is far greater.”
On the domestic side, the strongest “sending” states are New York, New Jersey, Illinois, Ohio, Pennsylvania, Georgia, Michigan and California. Among top foreign countries are Venezuela, Puerto Rico, the United Kingdom and Canada.
“Florida has a long history of population growth regardless of the nation’s economic cycle,” said Nancy Riley, a broker with Coldwell Banker Residential Real Estate in Pinellas County and the 2007 president of the Florida Association of Realtors® (FAR). She added that Florida has been one of the top ten fastest growing states for seven decades in a row, exceeding the U.S. average by 100 percent since 1970.
In fact, the U.S. Census Bureau projects that in 2010 Florida will surpass New York and become the nation's third most populous state. By 2030, the Census Bureau projects the state’s population will reach 28.6 million, an increase of 12.7 million since 2000.
One reason for that growth is that the state’s highly diversified economy continues to attract jobs in tourism, technology, international trade and business services. That brings in individuals, couples and families in their 20s to 50s, primarily to Florida’s larger metropolitan areas.
In addition, Florida traditionally captures a large share of the domestic retiree market, ranging from highly affluent entrepreneurs and executives to moderate-income couples seeking a warm-weather destination with plenty of recreational opportunities.
According to the Census Bureau, there are 76 million baby boomers born between 1946 and 1964. If only 5 percent retire to Florida, that alone would add 3.8 million new residents.
International buyers provide a third stream of migration into Florida, including working-age professionals, retirees and affluent second-home buyers.
As Riley said, “The bottom line is that more than 900 people move to Florida every day. That provides a solid foundation for our state’s residential real estate market.”
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