Florida Real Estate Taxes - New Amendment 4

Posted by Eric Miller on Wednesday, May 2nd, 2012 at 7:59am.

New Amendment 4 Florida 

There is a new amendment about to be voted in the State of Florida and even though it has the same number as a former amendment that Fort Lauderdale Realtors fought hard to defeat this time Amendment 4 is a win and a Yes Vote for Florida.

Recapture of Real Estate Taxes

Amendment 4 addresses numerous important issues for all Florida property owners. The first is an item called “recapture” basically it is part of the tax law in Florida where even though “homestead” has kept your property taxes down by capping values at 3% per year. As property values dropped often taxes went up as unrealized prior gain from the cap periods are “recaptured”.  Amendment 4 will eliminate “recapture”. Fort Lauderdale Home for Sale

Cap for Non-Homsteaed Properties in Florida

Part two of Amendment 4 will address the tax cap on non-primary resident’s property. Meaning investment properties and 2nd homes which will see their tax increase capped at 5%, instead of the current 10%. Certainly a tourist based economy will benefit from encouraging investment in second homes.

Florida First Time Homebuyers

Amendment 4 adds one last item that is badly needed in the Florida economy. It provides for a first time home owner Homestead benefit which will extend out the first 5 years of ownership and provide a first time home buyer an additional $150,000 in taxable value reductions over the 5 year period.

Tax advantages coming always spur real estate interest now is a great time address that looking for that perfect Fort Lauderdale Home for Sale.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

2 Responses to "Florida Real Estate Taxes - New Amendment 4"

Ivy wrote: I’m not that much of a internet reader to be honest but your blogs really
nice, keep it up! I'll go ahead and bookmark your site to come back later on. Many thanks Posted on Monday, September 24th, 2012 at 8:55am.
Fred Roberts wrote: Lets start a petition drive to eliminated real estate taxes and on a revenue neutral basis increase sales taxes. In Arkansas that was only a 1.7% increase, doubt that Florida would be much over 2%. Posted on Sunday, October 28th, 2012 at 7:30pm.

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