"Ask Lori…Parrish on Appraisal"
www.bcpa.netBroward County Property Appraiser Lori Parrish Answers Your Questions…
Many Questions Remain With Tax Reform Measures
Dear Lori: I've just left a meeting of tax reformers in Deerfield Beach, and this all seems very confusing. We didn't realize it will eliminate Save Our Homes, by choice or by attrition. And choosing the alternative tax plan may end up costing homeowners more money after 5 or 6 years. Can you help us explain these tax reforms?
C. Greenberg, Broward County, FL (via email)First, understand the Florida Legislature passed two separate property tax relief measures: one is a statutory roll back of spending and the other is a proposed 2008 constitutional amendment. Both are very complex and difficult to understand. Cities, counties and special districts are required to cut this year's property taxes by 3% - 9% from the "rolled back rate" (meaning the amount levied last year plus new construction). Also, the faster a government's taxes have risen, the higher the cut. School districts are exempt from this statutory measure, plus the formula exempted a few Broward cities from making any cuts. This statutory cap can be overridden up to 10% by a 2/3 vote of the governing board. Any change above 10% requires a unanimous vote of the board or a referendum.
Second, on January 29, 2008, Florida voters will consider a proposed constitutional amendment to create a new Homestead Exemption ranging from $50,000 to $195,000. This so-called "Super Exemption" is designed to replace the current Homestead Exemption and gradually replace Save Our Homes. If approved, homeowners can decide if they want to make an irrevocable, one time decision to take the new exemption or keep the current Save Our Homes assessment cap. When a homeowner moves, dies or transfers title, they will lose SOH and start fresh with the new exemption. First-time and new homeowners will only be eligible for the new exemption. Initial calculations show a large number of Broward homeowners would continue to save more in taxes under the current law. Also, the proposed amendment offers no relief for renters, snowbirds and commercial property owners.The bottom line is the statutory tax roll back law takes effect this year - but it cannot yet be determined if or how much you will individually save on your November tax bill, please watch for your TRIM (proposed tax notice) in August, 2007 for specific tax information. Voters will cast ballots on the proposed constitutional amendment in January 2008. We've posted full copies of the property tax roll-back law and the proposed amendment on our website at www.bcpa.net and will soon have an interactive calculator to compare how much you'd save - if any - under the competing options.Sincerely, Lori Parrish, CFA
If you have any questions for Lori, please email her at lori@bcpa.net, or write her at the Broward County Property Appraiser's Office, 115 South Andrews Avenue, Room 111, Fort Lauderdale, Florida 33301
Dear Lori: My family purchased a home in Tamarac last year. Because of a job transfer, we still had a home in Orlando with Homestead Exemption. We have now cancelled the exemption for 2007 in Orange County. Because of the huge increase in my property taxes and insurance, we are in debt and need immediate help to get an exemption here. We know the filing deadline has passed, but can you tell us what to do in order to get the exemption, as soon as possible? Is it still possible to file a Homestead Exemption for this year? J. Buckley, Tamarac (via email)
You may still apply for Homestead Exemption with a "late-filing" petition to the Broward County Value Adjustment Board. The petitions are available at our main office, Plantation office or online at www.bcpa.net under "Download Forms." The late-filing petition is simple to complete and our office staff will be happy to assist you. There is a $15.00 non-refundable filing fee for the petition. Checks should be made payable to Broward County Value Adjustment Board.
You may late-file for exemptions through the end of the year, however, after September 18, 2007, the Value Adjustment Board (VAB) requires you to file a "Good Cause" petition in addition to the late-filing petition. Please be advised the VAB will likely require you to attend a hearing prior to resolving your petition.Remember - You must file a petition with the Broward County Value Adjustment Board to be considered for a late-filing application for 2007. No Exceptions!If you would like more information about exemptions, VAB petitions and other important property tax issues, please visit our website at www.bcpa.net or contact our office directly at (954)357-6830.
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