As many of you may already of heard there are changes coming to your property tax bill and how it’s calculated. The bottom line being that we should all see a cut in taxes. The cuts are a two step process with the first step being an across the board cut which should save most homeowners around $174 give or take this year. The second step is a proposed constitutional amendment to be voted on this January. This amendment would create a super-homestead exemption replacing the current $25,000 exemption and Save Our Homes which capped the increase in property taxes for homesteaded property to 3%. The new exemption would be 75% of the first $200,000 in value and 15% of the next $300,000 for a maximum of $195,000 and a minimum of $50,000 ($100,000 for low-income seniors.) Going forward this $500,000 ($200K + $300K) number will increase by the change in per capita personal income in Florida.

Current homesteaders will be able to make an irrevocable, one-time decision to take this new super exemption or keep the current Save Our Homes cap. Once you move you’ll only have the new exemption.

For more information and to follow developments I suggest you read the following brief from Florida Tax Watch, What the 2007 Legislature Did and visit the Florida Tax Watch web site for updates.

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