New Tax Portability in Florida

I'm excited to be attending a training at our office on the new Tax portability laws in Florida. Truth be known, this will be the second training I've been to on the topic but you never know when someone will add that certain something, that nugget of info that makes a difference.

For those who don't know, homesteaded properties in Florida enjoyed a maximum 3% annual tax increase -- this while property taxes for non-homesteads has climbed preciptitously. You may have heard it called by the law's name, "Save Our Homes."

The net effect (well, one of them) was to have a whole lot of homesteaders unwilling to leave their homes to trade up or down, because they would have shoulder a current tax assessment (much higher) on the replacement property. So a lot of folks sit tight!

The tax refeorm of January 08 changed all that, and allows homeowners to carry their tax savings with them to the new house ... AND allows non-homesteaders (landlords, snowbirds) to have a 10% annual cap as well, starting in 2009. Good news for homeowners, landlords, and snowbirds ... and not bad for the local real estate markets either.

I'll post the gory details tomorrow after the training!