Florida Property Tax Reform Proposal
The Florida Legislature's recent approval of a property tax reform package meant to provide relief to homestead-exempted homeowners, owners of second-homes, rental property owners and businesses will be on the January 29th ballot.
Here is a recap of the four major reforms being proposed:
1. EXPANDED HOMESTEAD EXEMPTION: Increases the current $25,000 Homestead Exemption by an additional $25,000 except on school board taxes. Estimated annual savings is up to $340 for this exemption.
2. PORTABILITY: Allows homeowners to transfer up to $500,000 of their Save Our Homes Assessment Limitation benefit to the new homestead.
3. CAP ON NON-HOMESTEAD PROPERTY: The assessed value for all other properties without a homestead exemption will be limited to a maximum 10% increase in a year.
4. TANGIBLE PERSONAL PROPERTY EXEMPTION: Businesses will be eligible for a $25,000 exemption on equipment such as computers, office furniture and fixtures. Estimated annual savings is up to $530 for this exemption.
The Tax Reform Package will be placed on the January 29, 2008 ballot as an amendment to the State Constitution. It must be approved by 60% of the voters.
Additional information may be found at the
Martin County Property Appraiser's web site.
