PROPOSED HOMESTEAD EXEMPTION AND FLORIDA PROPERTY TAX

By
Real Estate Agent with Exit Realty Excel

The Governor has just recently signed and passed the new proposal of dropping the property tax by an average of 7% this year and more in subsequent years under this agreement.  This would apply to all Florida homeowners including permanent and part-time residents as well as the commercial property owners.

The second phase of the tax plan --increasing homestead exemption-- will be placed in special election to be held Jan. 29.  The Florida voters would be asked to change the state constitution and to approve this second phase of the tax plan.  Under this proposal, homesteaded property would be given a 75% exemption for the first $200K in value .  For example, on a $200K home, the homestead exemption would be $150K leaving only $50K to be taxed.  For the next $300K in value, another 15% exemption will be allowed.  There would not be any further exemption for homes that are valued over $500K.  The minimum homestead exemption would be $50K instead of $25K.  This tax break would apply to permanent FL resident's primary homes only.  Existing Florida home owners will have the one time choice of selecting between the new plan or keep the Save Our Homes Protection until they move when the voters passed this proposal on Jan. 29.

Comments would be well appreciated since this is only my second blog and I am not sure I am writing the right topics that interest other people.

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Anonymous
Edward D. Knight
Finally a just and level playing field for property taxes.  I am 64 yrs old and haved lived in the same county all my life.  Over the years I have owned (and lived in) several homes.  With my present (and probably last) home I chose to put most of my life savings in the construction of the home I will live in for the rest of my life.  I have a modest retirement income.  My property taxes are over $5000.00 per year, which puts a sizable dent in my annual income.  Just because I live in a nice home does not reflect an "rich man" that resides there.  My taxes are assessed at market value.  I look on the tax roles and see homes with "just value" set in excess of one million dollars and the ASSESSED value below mine.  The million dollar home owner is paying less taxes than me.  God bless Gov. Crist for finally making the move towards a fair and just property tax system.  The only way to vote on the proposal is "yes".  Property owners can still opt to stay under the save out homes act if wanted.   The "super-sized" homestead exemption is an opportunity that comes along once in a lifetime.  Don't be fooled by the "there goes the tax cap".   The new law will net a huge savings to ALL property owners and their heirs.  I urge my fellow Floridians to do their part to pass this as law.
Jul 06, 2007 11:55 PM #1
Rainer
4,884
Teresita "Terry" Pollard
Exit Realty Excel - Riverview, FL
Hello Edward,  I agree with you and hope everybody would vote to pass this super-sized homestead exemption.  It is a start but not a complete solution to the problem.  This would definitely help.  Let us keep voicing our opinion so that the politicians can hear us and do their job.
Jul 07, 2007 10:49 AM #2
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Rainer
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Teresita "Terry" Pollard

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