Riding the proverbial fence when it comes to buying or selling a home? Here’s something you might want to know:
Since 1995, yearly property tax increases for homeowners in Florida have been capped at 3 percent. This meant that despite rapid home appreciation, tax bills were kept in check – as long as you didn’t move to another house, in which case taxes were reassessed (at a much higher rate, of course).
Now, however, with January’s passage of Amendment 1 to the Florida constitution, this tax cap has become portable: within certain limits, Florida property owners can now take their caps with them when they move!
A second provision of Amendment 1 is an increase in the homestead exemption from $25,000 to $50,000, providing still more savings for homeowners.
If you are deciding whether to buy in Naples, consider carefully the implications of these new tax benefits! (Naturally, you should also consider carefully the reduced prices of Naples properties)
To learn more about Amendment 1 and how it applies to your situation, contact Larry Roorda.