The Hillsborough County Property Appraiser’s website has a great tool that homeowner’s can use to gauge the benefits (or lack thereof) of the so-called Super Exemption that will be on the ballot come next January.
Should the Super Exemption get the required 60% of the voter’s approval, which is iffy at best at this point, homeowners will have the option to stick with their current "Save Our Homes" exemption, or accept the new "Super Exemption" instead.
The current Save Our Homes program reduces the taxable assessment of your residence by $25,000 and adds a 3% cap on annual assessment increases. The Super Exemption has a much larger exemption off of the assessed value, (75% on the first $200k of assessed value plus 15% on the remaining assessed value.) But it's annual cap will be tied tied to personal income growth which averages about 4% per year in Florida.
So, assuming the "Super Exemption" gets the required 60% or more approval in the January, 2008 voting, which option should you choose ? Confusing isn't it.
The Hillsborough County Appraiser's Office has developed a tool to help Florida residents make the decision. To use that calculator, go to
http://www.hcpafl.org/www/search/index.shtml . Input your last name to access your property record, then click on "Super Exemption Calculator".
These exemptions apply only to a Florida resident's primary residence, not to a second home, or investment or commercial property. Remember, also, that if you give up your "Save Our Homes" tax benefit for the "Super Exemption" when the time comes, you will not be allowed to change your mind later on.
For more information on this or any Tampa Bay real estate topic, feel free to call me at 813-263-6806 or visit my website at
http://www.tampafloridahomes.net/
