{"id":2941,"date":"2007-09-19T17:48:52","date_gmt":"2007-09-19T21:48:52","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/2007\/09\/19\/floridians-vote-yes-on-super-size-homestead-exemption\/"},"modified":"2019-04-23T20:58:17","modified_gmt":"2019-04-23T20:58:17","slug":"floridians-vote-yes-on-super-size-homestead-exemption","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/floridians-vote-yes-on-super-size-homestead-exemption\/","title":{"rendered":"Floridians! Vote "YES" on Super Size Homestead Exemption"},"content":{"rendered":"

After so much bad news in the real estate market, finally there is something that promises a positive change. On January 29, 2008 Florida voters will be asked to vote on a constitutional amendment to expand Florida’s property tax homestead exemption. However, Florida’s $25,000 homestead exemption will not change unless 60% of voters approve the constitutional amendment<\/strong><\/em>. If this happens, those with homestead exemptions may choose the new ”super-sized” exemption or keep current tax breaks, including the $25,000 exemption and the Save Our Homes tax break, which limits annual assessment increases to 3%. Those who choose the super-sized exemption can shield up to $195,000 of their home’s value. If voters vote in January 2008 to expand Florida’s homestead exemption, these additional savings would be on the tax bill in November 2008.<\/p>\n

The new \u201csuper-sized\u201d exemption would not benefit everybody. Those owning a home for years and whose market value rose may benefit staying with Save Our Homes. Let’s say you bought a home 10 years ago, and your taxable value is $200,000, but the appraised value is higher, say $500,000. Under Save Our Homes, you pay taxes on $175,000 — $200,000 minus your homestead exemption of $25,000.<\/p>\n

Nevertheless, the new \u201csuper-sized\u201d exemption is excellent for new buyers. Taking the same example of house appraised at $500,000, a new buyer would pay taxes on $305,000 instead of $500,000. First time homebuyers and people who move will be afforded substantially bigger savings – up to $195,000 in exemptions, compared to the only $25,000 that they receive now. This new plan also assures most people that they won\u2019t be hit with a tax bill many times what they pay now on their next home purchase.<\/p>\n

All of the potential buyers waiting for a positive change in the market will get a clear break and should be ready to buy. So even if the \u201csuper-sized\u201d exemption does not benefit you directly, everybody must vote \u201cYES\u201d to revitalize the housing market in Florida<\/em>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

After so much bad news in the real estate market, finally there is something that promises a positive change. On January 29, 2008 Florida voters will be asked to vote on a constitutional amendment to expand Florida’s property tax homestead exemption. However, Florida’s $25,000 homestead exemption will not change unless 60% of voters approve the<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":5395,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nFloridians! Vote "YES" on Super Size Homestead Exemption - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/floridians-vote-yes-on-super-size-homestead-exemption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Floridians! 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