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There are some important deadlines approaching with regard to provisions of Amendment 1.  Please pass this message on to your neighbors, friends and clients. The "Transfer of Homestead Assessment Difference", Form DR501t can be found on the front page of the member website.

What you should do to receive benefits of Amendment 1 

To receive some of the benefits of the changes enacted January 29th, certain citizens must take action by March 1, 2008. The Constitutional amendment created four new opportunities for taxpayers to obtain tax relief: 

1. Increased homestead exemption
2. Portability of “Save our Homes” benefit
3. $25,000 exemption for tangible personal property
4. 10% annual assessment limitation for non-homestead property 

What taxpayers must do to receive these new benefits: 

1.  Increased homestead exemption – Homeowners that are currently receiving the homestead exemption will automatically receive the increased homestead exemption. No action is necessary. 
2. Portability of “Save our Homes” benefits – If you received the homestead exemption in 2007 on a home that you sold or otherwise abandoned during 2007 and have purchased a new home by January 1, 2008, you are eligible to take some or all of the benefit of “Save our Homes” to your new home. In order to receive this benefit, you must apply by March 1, 2008 to your property appraiser for your new homestead exemption and for the transfer of the “Save Our Homes” benefit to your new homestead for 2008. We would recommend that REALTORS® call their 2007 clients who sold a homestead and bought a new one to make certain they are aware of the filing requirement. 
3.  $25,000 exemption for tangible personal property – Tangible personal property taxes apply only to certain taxpayers in Florida – typically businesses and certain owners of mobile homes. The tax does not apply to homesteaded property. In order to receive the $25,000 exemption for tangible personal property, taxpayers subject to the tax must file a tangible personal property return with their property appraiser by April 1, 2008. 
4. 10% limit on annual assessment increases for non-homestead property – The 10% limitation does not apply until next year. No application is necessary for 2008.

If you have any questions about what action you must take to receive these new benefits, please contact your local property appraiser. For information on how to contact Florida’s property appraisers, go to http://dor.myflorida.com/dor/property/appraisers.html.

Below information from The 1031 Exchange Experts.com  clarifies IRS tax rules

The IRS just released a ruling setting forth the guidelines for doing a 1031 exchange on a vacation home. The ruling is a Revenue Procedure (2008-16), which is what I call a ‘cookbook ruling,’ which essentially means that if you do certain things, you get a guaranteed result. In this case they will NOT challenge the investment nature or exchangeability of your property.

To avoid any possibility of a challenge to your vacation home exchange, you have to meet certain requirements for your vacation property. During the 24 month period preceding the sale of your vacation home, or the 24 months after the purchase of your vacation home, or both if they both are vacation home properties:

1. You must have rented the property, at a fair rental price, for at least 14 days during each 12-month block of the 24-month period, and
2. You did not use the property personally for more than the greater of 14 days, or 10 percent of the days rented, during each 12-month block of the 24-month period.

Since this ruling is a Revenue Procedure, failure to meet the exact requirements of the ruling are not fatal, but could subject you to closer scrutiny of your exchange. In other words, using the property for 15 days does not mean that your exchange is ‘toast’–it merely means that they could audit you if they wish.

The purpose of the ruling is to provide a ‘bright line’ test that gives you concrete assurance that your exchange will not be challenged. This goes into effect for the sale of any vacation homes starting March 10, 2008.

I will be pleased to refer you directly to the 1031 exchange experts for further details.  jerry@765LIST.com 

You may remember that a young woman was recently abducted
from a Target parking lot in Overland Park , a suburb of Kansas City
Her body was discovered many miles away in Missouri . They
were able to locate her by the sequence of cell phone towers that picked
up her cell phone location.

She had not attempted to dial out, but when her family was
trying to call her the towers could sense her phone. Sadly, the
authorities were not able to reach her in time. However, they were able to
locate her body which was in an area where they never would have searched
without the cell phone tower information.

The cell phone 'locator' can be either set on:
1. E911' ... in which case you must dial out to be located;

2. or it can be set to be on all the time ... 'Location on'

There is NO higher battery usage from having it on all of
the time.

With it on all the time you can be located by emergency
services through the police if you fail to respond (sick, injured or worse).
I found that on my phone 'location' was not on.

I turned it on so my phone can be traced.

ALL cell phones have this feature. It's called Location.

It's under the: Settings tool. (on my phone it's under
Settings, System, Location).

Once you turn this on, THEN your phone is traceable
(select 'Location On' instead of 'E911 Only').

If you have trouble call your phone vendor or the manufacturer or walk into the cell carrier office near you and ask for their help.

To stay safe, everyone needs to check their phone and turn
this on- and Moms and Dads should make sure their kids have their phones set too!!!

The voters of Florida spoke and approved the biggest help to owners stuck in their home who want to move within the state but have been afraid to move because they would lose their save our homes advantage.  That is now changed.

Owners can take up to $500,000 of their benefits with them to another property they buy in Florida as their new homestead.  This change could mean freedom to buy in a different location or bigger, smaller, newer, older etc.  without being tax penalized for moving.  It is my understanding that this applies to any 2008 sales.

So, if you have been waiting to make this move or have given up now is the time.  If you call me I will be able to go over your specific options and help you.  Remember interest rates are now in the 5s for fixed rate 30 year primary residential properties and buyers. This opportunity could be limited and the time is right.  Yes prices of what you are selling are down but the property you are moving to is probably also down in a similar ratio.  This means right now You can have your cake and eat it too!©

Call me at 239-765-5478 or email jerry@765LIST.com for further information.