September 12, 2008, Newsletter Issue #175: Save Our Homes - Amendment 10

Tip of the Week

The Save Our Homes amendment puts a cap on the increase of your home's value as long as you own it.

For instance, if you bought a home five years ago and applied for and received the homestead tax exemption then the assessed value of your home could only rise up to 3%, protecting people from the huge tax bills that would come along with increasing home values. When you sell the home to someone else, they can inherit your HEX for that year, and your assessment cap, but the following year they have to re-apply for HEX and the cap will be applied to the new assessed value of the home.

This can mean a significant jump in taxes for a new homeowner in the Miami area, but if you use the tax estimator, with the correct appraised value, then you'll be prepared.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Exclusive Sponsor

Find your perfect Miami Home through Miami Estate and Condos!

http://www.miamiestatesandcondos.com

Not finding the advice and tips you need on this Miami Real Estate Tip Site? Request a Tip Now!


Guru Spotlight
Candi Wingate