HB 1141 - tax break for military homestead owners

Posted by Jennifer Mackay - Owner on Friday, June 3rd, 2011 at 8:57am.

For my clients who served in Iraq  or Afghanistan  during 2010...

The bill  HB 1141 was signed by Governor Scott on 5/31:

Here are the details:

HB 1141 implements a constitutional amendment approved by voters in 2010 and provides a new homestead exemption for military personnel on active duty overseas. The exemption is based on the amount of time the individual served overseas.

How to calculate the tax break
Taxable value of the property multiplied by the percentage of time spent overseas in 2010. (Calculate percentage of time spent overseas by taking the number of days overseas and dividing it by 365).

So, if someone spent six months overseas in 2010, he or she would get a 50 percent discount. If someone spent the entire year overseas (12 months), he or she would get a 100 percent discount.

The property tax discount applies to 2011 taxes, but applicants must apply to their county property appraiser by June 1. If applicants miss the June 1 deadline, they have a second chance, but must apply with 25 days of receiving their assessment notice (TRIM Notice) and demonstrate extenuating circumstances.

 

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