This afternoon, the Florida Legislature passed the first of two pieces of legislation designed to provide relief to those suffering under burdensome property taxes.
The bill, which passed the House by a vote of 117-1 and the Senate 37-0, requires local governments to reduce property tax revenues to 2006-2007 levels, and mandates an additional tax cut of 3, 5, 7, or 9 percent, depending on each local government's taxing performance over the last five years. Governments that have benefited from the largest tax increases will be required to enact the largest cuts. After the initial cut, future revenue increases will be capped at the rate of growth of Floridians' personal income. This proposal ensures that government's budget will not outgrow taxpayers' means.
The second bill passed the Senate and awaits House approval. This bill would replace Save Our Homes with a super-homestead exemption. This proposal would exempt 75% of the first $200,000 and 15% of the next $300,000 of any homestead's value. A $250,000 home, for example, would enjoy an exemption of $157,500, rather than $25,000 as under current law. The proposal also allows each taxpayer to choose whether and when to opt into the new system. Taxpayers whose taxes are lower under the existing Save Our Homes system will continue to enjoy Save Our Homes, while taxpayers whose taxes are lower under the super-homestead exemption can elect that option.
Florida Today: State lawmakers vote to cut property taxes
Miami Herald: Senate passes property tax proposal
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3 comments:
Good that the bills are accomplished...
I had read your opinion that it is now up to the folks. they certainly have time to absorb the info. Is there going to be a traveling group to educate them?
Senator:
Is there any logical reason why the cap cannot be 3% on the new property tax assessment we will be voting for or against in January. The only negatives I have heard have been why would anyone want to take a chance on possibly having a 10% increase in the end...especially knowing the Counties were doing just fine with "only 3%" on homestead folks.
Seems foks are asking for the counties to have no real accountability.
It is time that retired folks can move into lower priced homes without being hit with high tax increases. The Save our Homes was essentially a huge mistake for the entire state of florida. It is time to establish property taxes that allow people to move into larger or smaller homes without being penalized for moving. It is about time. It sounds fair.
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