tampabay.com: know it now
Does the new tax proposal work for you?
Lawmakers in Tallahassee want to rewrite Florida's homestead exemption laws to phase out the Save Our Homes cap that limits annual tax assessments. For most people, the new plan to give everyone a "super" tax exemption would lower their taxes, but some folks would be better off keeping Save Our Homes, which they would be allowed to do.

So, which one are you?

Related news:
Note to readers: The calculator had a flaw in it for homes valued at $500,000 or more. It has been fixed.
Grab a copy of your 2006 tax bill or TRIM notice (or go look it up on your county tax collector's website) and we'll do the math for you. The homestead proposal sets a minimum exemption for everyone of $50,000.

Step 1. Find the Just/Market Value on the 2006 form to begin with and enter it into this box without commas or decimals. Hit the calculate button. That's what your taxable value would have been in 2006, if the super homestead exemption had been in use.

(REMEMBER: Enter value without commas or decimals. For example if your house value is $200,000, simply enter 200000.)
Enter your 2006 "Just/Market Value":
 
 


Step 2. So, how does this new taxable value compare to your real one from 2006? Find the Taxable Value on that 2006 form and and enter it into this box without commas or decimals. Hit the calculate button. If this plan had been in place, this is the percentage your taxes would have been lower in 2006; if the calculator returns a negative percentage, you would be better off keeping the Save Our Homes cap.

(REMEMBER: Enter value without commas or decimals. For example if your house value is $200,000, simply enter 200000.)
Enter your 2006 "Taxable Value":
 
 

© 2007 • All Rights Reserved • St. Petersburg Times
490 First Avenue South • St. Petersburg, FL 33701 • 727-893-8111
Contact the Times | Privacy Policy | Standard of Accuracy | Terms, Conditions & Copyright