Will We Get to Vote on Property Tax Reform in January?

Real Estate Agent with My Florida Home Store
Yes!  On Monday October 29th, the Florida Legislature passed a property relief package that will be on the January 29th statewide ballot.  The tax-cut package will include placing a 10% yearly assessment cap on non-homestead property and will allow homestead property owners to take their accrued Save Our Home benefits with them when they buy a new house.  Good news for investment property owners or snowbirds and homeowners that want to move into larger homes but can't afford to because of the massive tax increase they might face.  The plan will allow these homeowners to take up to $500,000 in their Save Our Homes savings with them when moving into a new homestead.  The Senate's tax package will also double the $25,000 homestead exemption except for school taxes and give businesses a $25,000 tax break on tangible personal property. 

On January 29th we all need to vote for the tax reform.  A 60% vote is needed in favor of the changes.  Let's give our sluggish economy a little boost!


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Comments (2)

Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
Count me in I will be voting for it. Curious to see what will get hurt by cutting taxes and compared to most states our taxes are still very cheap, but I am all for it. 
Nov 01, 2007 02:56 PM
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
Southwest Florida Homes By The Sea
I am in for sure. The problems is that counties all around the country are seeing major funding cuts from the government. I will vote for the new Save Our Homes new property tax relief package.Thanks for narrowing down a very complex tax reform. 
Nov 01, 2007 03:01 PM