Cape Coral Real Estate, Fort Myers Real Estate

Lee County Florida Property Taxes can be confusing at best with all of the recent changes both legislatively and through voter amendment to the state constitution over the past twelve months here in the State of Florida.

The first change to property taxes in the State of Florida this year was instituted by the Florida legislature.  During the June 2007 session state legislators froze the current millage tax rates as the new millage tax rate cap.  In addition they required an additional percentage reduction below the roll back rate.  Local governments had to cut additional property tax revenues 3, 5, 7 or 9 percent based on how much their taxes had increased between years 2001 and 2006.  They also placed limits on future tax increases.  A roll back rate is the millage tax rate a governing body needs to generate the same amount of revenue they did in the previous fiscal year.

The second major change to Florida Property taxes was the adoption of Amendment 1 the new Homestead Exemption.  This made several changes.  It raised the $25,000 exemption to $50,000 on homes with assessed values greater than $75,000.  As an example if the county had your home assessed at $200,000 you would pay property taxes based on a $150,000 taxable value if you used the property as your primary residence aka homestead.  Next it allowed for Florida Homesteaded property owners to transfer or port their Save-Our-Homes benefits to a new property.  The total amount of exemption couldn't exceed $500,000 and if a resident purchased a property with less value than their current property the Save Our Homes exemption amount would be applied proportionally to the new property.  This amendment also exempted business owners from paying the intangible taxes on the first $25,000 of assessed value on tangible personal property.  Lastly it placed limits on assessment increases of non-homestead properties (Vacant, Commercial, etc...) to ten percent each year.

The Lee County Property Appraiser has a tool for perspective home buyers to use to estimate taxes on a home they intend to purchase.  You simply fill in the property address, click on the strap number, and the click the link that says tax estimator.  The link also provides a disclaimer on the use of the tool and also offers some insight into just "How do they calculate my property taxes?"

If you are looking to purchase or sell a home or have questions regarding a future transaction I can be of assistance to you or someone you may wish to refer.  I am able to assist buyers and sellers of fantastically priced properties throughout our market area here in Southwest Florida to include but not limited to Foreclosures, Pre-Foreclosures, Short-Sales, Vacant Land, Waterfront Properties, Single Family, Multi-Family, and Condos.

My market areas include Cape Coral, Pine Island, Fort Myers, South Fort Myers, Gateway, Fort Myers Beach, San Carlos Park, Island Park, Lehigh Acres, Estero, and areas surrounding Florida Gulf Coast University (FGCU) and Southwest Florida International Airport (SWFIA).

Please contact me direct at (239) 340-1384 or via e-mail Scott@The-Extreme-Team.com.

Scott Slocum, REALTOR®
Florida Future Realty Inc.
2816 Del Prado Blvd South, Unit 2
Cape Coral FL, 33904
Direct: 239-340-1384
Scott@The-Extreme-Team.com
Scott's Real Estate Web Page
Scott's Real Estate Blog

"Copyright © 2008 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author."

As you have probably heard, the people have voted & homestead portability was passed.

What does this mean? Well for starters, it means our phones have been ringing even more than usual. Many homeowners looking for a change are ready to make a decision.

Those looking to purchase a bigger or newer home are very excited about this. They are now able to port, or bring with them, their homestead exemption from their current house. Previously, they would not be able to.

This also opens up great opportunity for those looking to downsize. Many people who had wanted to retire could not justify the move due to taxes. Now, they can simply transfer their homestead exemption over to their quaint condo or smaller house.

If you would like more information about homestead portability & how this may affect you, please contact one of our real estate agents at Florida Future Realty, Inc.