Print

Email story

Comment

Email editor

Appraiser supports transfer of Save Our Homes cap

By Times Staff Writer
Published January 4, 2007

During the next general election, Florida voters should consider a plan for homeowners to transfer their property tax savings when they move, according to Citrus County Property Appraiser Melanie Hensley.

Hensley represents Citrus in a statewide group of property appraisers and citizens, Save Our Homes Portability Inc. The nonprofit group is collecting signatures and donations to get a constitutional amendment on the ballot that would allow homeowners with an exemption to transfer all or part of their Save Our Homes savings, up to a maximum of $400,000.

Hensley has posted a copy of the petition on her office's Web site: www.pa.citrus.fl.us.

"This is one piece of tax reform that will allow homeowners to either downsize or upsize and untrap them from their homes," Hensley said Wednesday.

But some businesses and some lawmakers have expressed reservations about Save Our Homes portability in the past, claiming it unfairly shifts the tax burden.

"Business people don't have any kind of protection at this point. And as time marches on, I'm sure we'll start looking at that," Hensley said.

The Save Our Homes cap limits assessments on primary residences from increasing by more than 3 percent a year.

The amendment would allow a homeowner to transfer the difference between the market value and the assessed value of a homesteaded property when moving to a more expensive home within the state.

For example, if a home's market value is $137,600 and its assessment under Save Our Homes is $79,300, the owners could transfer the $58,300 difference to a new home.

Homeowners moving to a less expensive home can subtract 50 percent of the total market value of the new property.

A description of the amendment and a copy of the petition are posted at www.pa.citrus.fl.us.

[Last modified January 3, 2007, 19:45:28]