Newsletter: December 2008 Newsletter

Happy Holidays from your friends at One World Realty Inc.

To our wonderful readers, customers and friends worldwide, our best wishes for a happy Holiday Season. We look forward to bringing you yet another year of advice, counsel and the best in real estate news. May the New Year bring you health, wealth and happiness.

Reflecting on this past year over the Thanksgiving holiday we at One World Realty have a lot to be thankful for because of you our loyal customers and friends. Although this year in real estate has not been a challenging one, the good news is that our company has maintained a profitable business year and all of our Associates are healthy.

Just a few of the things that we are thankful for are; we are thankful for Mother Nature being so kind to us for the third year without a hurricane and picture perfect weather. We are thankful for the decreases in our property insurance rates.  We are thankful that we voted on lower property taxes this year.  We are especially thankful to live and work in paradise in a market that is affluent, upscale and resilient. Lastly, we are thankful for all of you who have supported us with your trust and business.

2008 Holiday Boat Parade December 6th

Holiday Boat Parades have been a tradition in Palm Beach County for almost 20 years. The Marine Industries Association of Palm Beach County decided that it was time to give this outstanding Palm Beach Tradition new life and direction.

Viewing areas include waterfront restaurants, parks, marinas, the North Palm Beach Country Club and Jupiter Riverwalk, thousands of spectators now greet boaters as they again light up the waterway for the holiday season! Click on link below to see the time and routes.  http://www.pbboatparade.com/main.htm

Marathon of the Palm Beaches December 7th

This fifth-annual event will be held in downtown West Palm Beach and consists of a complete weekend of events including a showcase of health, sport and fitness products and services. Visit the official web site for complete details.
http://www.marathonofthepalmbeaches.com/

The Auto Show of the Palm Beaches December 5th thru 7th

Now in their 3rd year at the Palm Beach County Convention Center, the students at Northwood University are excited to bring you the most elaborate auto show Palm Beach has ever seen. The 2008 year promises more cars, more manufacturers, and most importantly more hybrids. Join them December 5th through the 7th at the Palm Beach County Convention Center and see what this year has to offer. For more information check out their web site.  http://www.northwood.edu/pbautoshow/

Don’t forget to file for you tax exemptions

As we do every year we would like to remind our readers of the deadline for filing for your property tax exceptions. If you bought a home this past year or missed the deadline for exceptions in 2007 don’t forget to file. Below you will find all the information that you will need to know to save money on your property taxes in Palm Beach County, Florida
The Property Appraiser's Office administers all property tax exemptions. Summaries of available exemptions are listed here. For more information or to apply, call them at (561) 355-2866 or visit us at any of the five Service Centers. Click Office Locations for addresses and directions.

You can download the Homestead Exemption Form and Instructions from this website. Please return the form to the Property Appraiser’s Office, 301 N. Olive Avenue, 1st Floor, West Palm Beach, FL 33401. Applications for Homestead Exemption can also be filed online. Click Exemption E-File.

For the convenience of the taxpayers, Property Appraiser Gary R. Nikolits, CFA, has elected to automatically renew existing Homestead exemptions each year on January 1.

$25,000 Homestead Exemption

Every person who has legal title on January 1 to a residential property and lives there permanently qualifies for this exemption. You must be a permanent resident of Florida on January 1 of the initial application year. You may either apply by mail or in person at any time through the year but the deadline is March 1 of the qualifying year.
A copy of your deed and proof of residency is required. You may submit a copy of your Florida driver's license, voter's registration or permanent residency card. In lieu of a pending permanent resident alien card, we will accept Federal Form I485, “Approval Notice for application to adjust to permanent resident status.”

Additional Homestead Exemption

Voters have approved Amendment One, which includes an additional Homestead Exemption benefit up to $50,000. The new benefit is effective Jan. 1, 2008. The exemption amount remains at $25,000 for a property with an assessed value up to $50,000. Beginning at $50,000 and continuing through an assessed value of $75,000, the new additional benefit will increase with the increase in the property’s value. A property with an assessed value of $75,000 or more will receive the full $50,000 exemption amount. Residential property owners who currently receive a homestead exemption and who continue to qualify for the exemption will automatically receive the additional benefit. No further application is necessary. The standard $25,000 Homestead Exemption will continue to apply to all tax levies. The additional exemption applies to all tax levies except school districts.

Portability

Amendment One also allows residential property owners with an existing Homestead Exemption to transfer all or a significant portion of their “Save Our Homes” property tax savings to a new property. There are no changes to the existing “Save Our Homes” assessment cap benefit. Portability is an added benefit and is effective Jan. 1, 2008. Portability permits the owner to transfer up to $500,000 of your actual assessment cap to the new property. Apply for Portability when you apply for homestead exemption on your new property. Click here for the Portability Application .

Senior Citizen Exemption

Certain seniors who are 65 or older may be eligible for up to an additional $50,000 exemption on their property's assessed value. For example, a home valued at $100,000, would be taxed on only $25,000, after the standard $25,000 Homestead Exemptions and the maximum $50,000 Senior Exemption are applied. Click here for More Information. You will be asked to provide a copy of your Federal 1040 Tax Form or your Social Security 1099 Form. The county's senior exemption does not apply to other taxing authorities, such as the school district and municipalities.

$5,000 Disabled Veterans Exemption

U.S. Military personnel with a service-connected disability of 10% or more are entitled to a $5,000 exemption. If filing for the first time, please provide a letter from the U.S. Veteran's Administration that verifies your disability.

Combat-disabled Senior Veterans

Combat-disabled veterans who are now over the age of 65 with a qualified Homestead Exemption and were Florida residents at the time they entered the service, may be eligible for an ad valorem tax discount. Please contact any of our five Service Centers for more information.

If you are the surviving spouse of a disabled veteran, you may be entitled to retain the $5,000 exemption. Please contact our office at (561) 355-2866 for more information.

$500 Widow/Widower Exemption

A widow or widower who is a legal and permanent resident of Florida qualifies for this exemption. If the surviving spouse remarries, they are no longer eligible. If the husband and wife were divorced before their spouse's death, the survivor is not eligible.

Granny Flats General Instructions

An assessment reduction may be granted to qualified homesteaded homeowners who build an addition to their house to accommodate parents or grandparents age 62 or older. The parent or grandparent must make the home their primary place of residence and have no other residency-based benefit in Florida or any other state.

The residence must already have a qualified Homestead Exemption in Palm Beach County. Construction must have commenced after January 7, 2003, and been completed prior to January 1 of the initial application year. For example, if you build an addition to your home in 2006, the initial application year would be 2007.

The amount of the exemption is based on the increase in assessed value that resulted from the addition to the property. However, the exemption amount will not exceed 20% of the total assessed value of the improved property.

Should the parent or grandparent no longer live on the property or no longer remain a permanent resident, the previously excluded market value will be added back to the property's assessed value.

Granny Flat application forms are required to be renewed annually. Click here to download the form and construction instructions .

$500 Disability Exemption

People who are permanently disabled are eligible for this exemption. If applying for the first time, please provide a Physician's Certificate from a licensed Florida physician.

Total Exemption

Civilian quadriplegics and honorably discharged veterans who are 100% disabled are exempt from ad valorem taxation. You will need to submit a Physician's Certification form .

Florida CFO Sink launches ‘Florida Housing Help’ web site

To provide immediate assistance to Florida homeowners searching for federal housing assistance, Chief Financial Officer Alex Sink and her Financial Action Team (FACT Team) announced the launch of “Florida Housing Help,” a new Web feature at www.MyFloridaCFO.com.  “Florida Housing Help” offers resources for homeowners, veterans, local governments and taxpayers who could potentially benefit from the recently-passed Housing and Economic Recovery Act of 2008 (HERA). 
HERA legislation became law in July 2008. CFO Sink created her FACT Team, made up of stakeholders and financial and housing experts, to identify the funds available to Floridians and help homeowners take advantage of these resources. Sink says that “Florida Housing Help” will be updated on an ongoing basis as additional information becomes available.  For further assistance, Floridians may also contact CFO Sink’s Consumer Helpline at (877) 693-5236.  © 2008 FLORIDA ASSOCIATION OF REALTORS®

How to find FHA loans


Looking for an FHA loan or a specific type of FHA loan? HUD offers a search page on its Web site that can find local lenders specializing in FHA loans by type, such as Title I - Property Improvement, Title II - Mortgage Programs; or by service-originator, including single family and multifamily. It also offers a help screen for questions. You can find HUD's FHA lender Web page at: http://www.hud.gov/ll/code/llslcrit.cfm
 © 2008 FLORIDA ASSOCIATION OF REALTORS®

Palm Beach Princess Sold

The struggling cruise ship that has entertained thousands of people for years that sails from the Port of Palm Beach has been saved from bankruptcy. For the tidy sum of $8 million a resident of South Florida has purchased the financially troubled gambling ship and plans to invest in the much needed renovation.  

Riviera Beach ends music festival

The city council pulled the plug on the ninth annual music festival despite promises from the festival advisory committee that the spring event would not cost taxpayers any more than the $75,000 appropriated as seed money. Mayor Thomas Masters led the charge against the festival, formerly called the jazz festival, saying it was "immoral" to put taxpayer money at risk in hard economic times.