The property tax cut amendment that was up for a vote yesterday passed the Naples Daily News reported in this morning's newspaper.
Homesteaded FL residents will see their $25,000.00 homestead exemption increased. Homesteaded residents will also be able to take up to $500,000 worth of Save Our Home benefits to a new residence. This feature of "portability" of the Save Our Homes benefit is what a number of current home owners have been waiting. When faced with downsizing or increasing the size of their current home, many Florida residents have put home purchases on hold waiting to see if this portability issue would pass.
Non-Homestead property owners under this new amendment will get a 10 percent annual assessment cap on their property taxes.
Will this property tax amendment help increase homes sales? I believe that there is a large segment of homesteaded owners in the Naples area that have owned for a period of time and have been waiting for this amendment to pass. These owners, I think, will now want to buy a larger or smaller residence in Naples. They understand that while they might not realize what they could have received for their homes in the heat of the market, there currently is a wide selection of homes to choose from and a number of good buys on the market today.