Save our Homes explained by Cyndee Haydon, Realtor ~ Clearwater, Florida

When working with First-time home buyers and families moving and relocating to Clearwater, Clearwater Beach and the Tampa Bay area they usually have lots of questions about how Save or Homes and local property taxes works. Here's some info I hope you'll find helpful...

Back in January 1995 the Florida Constitution was amended to create a cap on rising property values which are used to calculate our Florida property taxes on homes and condos. This amendment now limits annual increases of the assessed property value to 3% or to the Consumer Price Index, whichever is lower. It's important to note that this cap is applied ONLY to the property value - not the property taxes. Property taxes could actually rise more than 3% depending on your city or towns approved budget.

When a property such as a home or condo is sold any existing property value cap and exemption are removed at the end of that calendar year. Then the property taxes are calculated on the full market value called Just Market Value. ..So, if a property owner applies for and receives Homestead Exemption for 2007, the Assessed Value will be capped in 2008. The Biggest Mistake we see Home and condo Buyers make is... (Read more)