As you may be aware, voters in the state of Florida adopted a major property tax reform measure in January 2008, which may mean savings on the home you purchased last year. In case you haven’t already explored this potential money saver, I thought I would share the information with you.

The amendment adopted by the voters calls for an additional $25,000 homestead exemption applied to the assessed home value above $50,000, and is effective for the first time in 2008. If you already have the Homestead Exemption and continue that exemption on the property for 2008, nothing further is needed. You will see the exemption on your Notice of Proposed Property Taxes (TRIM Notice) that will be mailed in August 2008.

• Did you sell (or vacate) your homestead property on or after Jan. 1, 2007?

• Were you living in a new residence on Jan. 1, 2008?

• Will you be filing a homestead exemption for the new residence in Florida?

If you answered "YES" to all of the above questions, you should visit www.Miamidade.gov/pa (for Miami-Dade residents) and download the homestead exemption and portability application.  If you moved to another county in Florida, please visit the property appraiser's website for that county by clicking HERE (http://dor.myflorida.com/dor/property/appraisers.html).

Another change to the property tax code creates “portability” of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead property to another. This law is retroactive to Jan. 1, 2007. Homeowners may transfer their SOH benefits to a new homestead in Florida within two years of leaving their former homesteads. This means if you sold your home in 2007, you can transfer your SOH benefit to a new homestead if you establish the homestead by Jan. 1, 2009.

For more information, visit the Florida Department of Revenue’s special web page by clicking HERE (http://dor.myflorida.com/dor/property/sb4d.html).

I hope this information helps you save some hard-earned money in the coming years, and look forward to working with you on future property transactions. If you have any questions, please don’t hesitate to call!