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.