Florida To Decide (Again) On Property Tax Relief

Today (November 14, 2007) Florida Governor Charlie Crist signed the bill approved by the Florida Legislature on October 29,2007 regarding the proposed state constitutional amendment. If Florida's voters approve the amendment on January 29, 2008, the 4 part property tax cuts will become law.

The four parts of the proposed tax cuts are:

1. The current $25,000 homestead exemption would be doubled for primary homes valued at more than $50,000. Law-makers and analysts predict that the average homeowner will save $240 a year.

2. Save Our Homes (SOH) Portability. This will allow those with homestead exemptions to take their SOH with them when moving to another homestead. SOH limits annual assessment increases to 3 % on primary homes.

3. Businesses, second homes and rental properties will enjoy an annual assessment cap (10%) similar to that of the SOH.

4. Businesses can take advantage of a $25,000 exemption on equipment and other personal property.