If you read my last article on Florida ’s property tax reform, um…...disregard! They’ve changed the bill yet again. According to our legislators, this one is the last draft. In fact, they entitled the publication, “Final Property Tax Relief Package.”
This one is certainly more-straight forward. Here it is in a nutshell.
1. We get to keep the “Save Our Homes Act,” which means that the taxes on a homestead property cannot be raised more than 3% or the gross consumer index, whichever is lower. This would keep homesteaded owners from being burdened by large tax increases.
2. Homestead exemption has been doubled from $25,000 to $50,000.
3. We got tax portability!! “You are free to move around the state!” If buying a more expensive home, homeowners are allowed to port the full difference of their current assessed value to just value and apply it to their new homestead. If buying a less expensive home, they will be able to apply their current ratio of assessed value to just value. They also have up to 2 years to establish that new homestead. If passed, this will be retroactive to Jan 1, 2007.
We’ll get a chance to vote for this bill at the primary elections on Jan 29. To view a chart with all the facts, go to:
http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/upload/1Special_Session_D_Final.pdf
You can also watch a very clear and informative video of FAR’s president explaining the bill.
http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/Tax-Reform-John-Sebree.cfm
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