Property Tax Changes Help Clearwater Beach Condo Investors and Vacation Home Owners
Clearwater Beach Florida may see needed relief.
Tallahassee finally made some progress today on the on-going debate about Florida's Property taxes that could actually help our Clearwater beach real estate market, or Clearwater businesses and those Clearwater families who have outgrown their home or need to down-size.
While many Clearwater Beach home owners will debate it's too little and others will say it's just the first step - at least here in Clearwater Beach, Sand Key and Island Estates many of the vacation condo owners are going to see additional property tax relief - and it couldn't come at a better time for many of them.
For example these proposed changes address property taxes for the second home owner, vacation beach condo owners and the Clearwater real estate investor by capping their annual property tax increase to 10% (even though many had wanted to see this capped at 5%) which is an improvement and under the new plan they will be seeing some relief and getting some peace of mind.
I am also happy to see Portability addressed. I have seen too many Clearwater and Clearwater Beach home owners trapped in their current homes and condos because of this.
One example is an elderly couple we know living in Clearwater who approached us about down-sizing due to failing health. When we did the actual analysis for them we found that if they down-sized their Clearwater home their expenses wouldn't change because buying a Clearwater condo half as expensive would have been countered with the huge increase in property taxes. I believe this is a positive step forward, especially for older home owners.
The real questions for me are how much will the homestead exemptions and double exemptions really mean in savings to someone like me. The initial analysis by experts says very little. I'll have to do some more investigating as the details unfold.
Clearwater Beach Florida Update | 4 Key Property Tax Changes Agreed to
These 4 measures below were approved and are on their way to being to put on the January 29th ballot as a new constitutional amendment.
- Portability. Those who qualify to Homestead (it's your primary residence) will be able to take up to $500,000 of Save Our Homes protections to a new home purchase. If you buy a less expensive home then the amount would be pro-rated. This would applies to all property taxes.
- Double homestead exemption. If you Homestead you can get a second $25,000 exemption on the assessed value on the value of your homes over $50,000. Note: This does not apply to school taxes.
- A Tangible personal property tax exemption. Businesses could now get a break on taxes paid on equipment.
- 10% annual cap on Property Assessments for all Commercial and Non-Homesteaded property. For those who don't qualify for homestead exemptions (for example vacation home owners, real estate investors, businesses) Property assessments could increase by not more than 10% each year on non-homestead property.
Stay tuned for more information on Florida Property taxes and how they will effect Clearwater FLorida Real Estate.
Submitted by Cyndee Haydon, Clearwater Beach Real Estate Agent