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Old 01-16-2008, 03:26 PM
jjdees jjdees is offline
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Default Real estate tax change proposal

I read the on line version of the Sun this morning and in the article about the tax issue, the following statement was made;

"Allows transfer of accumulated Save Our Homes benefits, up to $500,000. Save Our Homes is a constitutional provision that limits the annual increase in assessed value of homestead properties to no more than 3 percent. This provision applies to all taxes".

"This does not mean you could transfer the entire $500,000 cap, Gibson said. You would be allowed to transfer only an accumulated percentage of your savings, for instance, when you downsize to a smaller home from a larger home".


What does this mean?
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Cleveland Ohio, Detroit Michigan, Syracuse New York, Atlanta Georgia
 
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