Property Tax Reform - Amendment One

Wednesday, January 02, 2008

Property Tax Reform - Amendment One

Florida residents have the opportunity on January 29,2008 to reduce their real estate tax bill by voting "Yes" on Amendment One. The bill is not perfect and in my opinion does not go far enough, but it is the only property tax referendum on the ballot. If it is not approved, it will be one year before another amendment could be placed on the ballot. If approved, property owners will start to see a reduction in property taxes two years from now.

Amendment 1 Highlights

Double the Homestead Exemption from $25,000 to $50,000

Portability - transfer up to $500,000 in Save Our Home Benefits to a new home

10% assessment cap on non-homestead property for 10 years

Businesses may exempt up to $25,000 spent on office equipment

This amendment is not perfect, but it is a start. Floridians have the power to lower their real estate tax bills. This bill could give the Sarasota real estate market a much needed shot in the arm as well. I urge everyone to vote "Yes" to Amendment 1.

1 Comments:

RightDemocrat said...: I am a labor Democrat but recognize that Amendment 1 is critical to Florida's working families. We simply must have tax relief now. The same arguments being used against Amendment 1 were made in opposition to Save Our Homes back in 1992. The sky didn't fall when Save Our Homes passed and it isn't going to happen once Amendment 1 is approved by the voters. Vote yes on Amendment 1.; 5:10 PM

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Wednesday, January 02, 2008