Mayfair in Tampa Palms

Amendment One passed by Florida voters Tuesday, January 29

Jan 31, 2008

Hi Everyone!

As you know, Amendment One was passed by Florida voters on Tuesday, January 29th. Here?’s what it means to you.

1. For those individuals who qualify for homestead portability (homesteads sold from January 1, 2007 to the present), documentation summarizing the proposed administrative process for homestead portability as well as the forms to apply for this tax provision are now available on the Florida Department of Revenue website.

2. The additional homestead exemption of up to $25,000 over and above the existing $25,000 homestead exemption allowed under Florida law goes into effect immediately. You do not need to reapply for homestead exemption to obtain this benefit.

3. Documentation for the $25,000 tangible personal property exemption; 10% assessment limitation on non-homestead properties (an application form for this provision will not be required until 2009) will be posted to the Florida Department of Revenue website within the next few days.

Warm Regards,

Lyn

Lyn Acer, MBA

Real Estate Professional

Prudential Tropical Realty

Cell: 813-503-3628

Office: 813-907-8200

lynacer@verizon.net