Homeowners Reap Benefit with Save Our Homes Tax Law
Twenty year old tax law shields property tax increase
If you are a Florida resident – i.e. your primary residence is Florida, in southwest Florida and very likely other Florida areas, the state’s Save Our Homes legislation is about to save you serious money.
Simply, the statute states that the assessed taxable value of your home cannot increase by more than 3% in any given year despite what the actual assessed (market assessed value) of the property is. Given that the assessed values in Lee and Collier are up more than double the 3%, homeowners will not pay taxes beyond the limit.
Example: Say as of January 2015, if your property is “market value assessed” at $220,000 compared to the January 2014 value of $200,000, a 10% increase. The assessed taxable value of the property will be capped at $206,000 or a 3% increase. In Lee County that translates into an approximate savings of $238. Given this is the second year of substantial assessed value increases, Save Our Homes adds up to real money in short order.
Prospective buyers should note that a property’s market assessed value is not the same as typical selling price for a property in a routine arms-length transaction. Market assessed values can be 20% – 50% below actual selling prices.
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Noteworthy within counties.
Lee County Up 7.6%:
- Estero (fire district) up 11.1%
- Bonita Springs up 9.7%
- Fort Myers: up 9.5%
- Fort Myers Beach: up 8.2%
Collier County Up 8.6%:
- Naples: Up 8.3%
- Marco Island: Up 8.2%
- Big Corkscrew (fire district): Up 13.7%
- Immokalee (fire district): Up 12.1%
- East Naples (fire district): 10.3%
Image courtesy of hywards at FreeDigitalPhotos.net
