Florida Property Tax Up-Date
Nov 4, 2007
The Legislature has passed a proposed constitutional amendment that will go to voters Jan. 29. Together, the proposals would cut property taxes $1.4 billion in 2008-09 -- with about $204 million of that in school taxes. WHAT'S IN Portability. Homesteaders could take up to $500,000 of Save Our Homes protections to a new home purchase. Those who downsize would take a pro-rated portion of their tax protections. Applies to all property taxes. Senate staff estimates this would cut taxes, statewide, $302 million in 2008-09. n Double homestead exemption. Homesteaders get a second $25,000 exemption on the assessed value on the value of their homes over $50,000. It doesn't apply to school taxes. Senate staff estimates this would cut taxes, statewide, $892 million in 2008-09. n Tangible personal property tax exemption. Businesses get a break on the taxes they pay on equipment. Applies to all property taxes. Senate staff estimates this would cut taxes, statewide, $179 million in 2008-09. n Property assessments capped at 10 percent each year on non-homestead property. Senate staff estimates this would cut taxes, statewide, $51 million in 2009-10. By the Pensacola News Journal
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