Florida’s property tax system is in need of fixing and since the previous post on this subject the plan to fix it has changed. The current tax system and the proposed system both create two classes of taxpayers by shifting the tax burden to non-homesteaded property owners. For those of us that are long time residents this may sound like a good idea but in reality this may end up hurting everyone by depressing an already depressed real estate market.

On October 29, 2007, the legislature concluded Special Session D to deal with property tax reform and presented its plan, which includes:

• Ensuring Save Our Homes portability, up to $500,000 (reduced from $1 million)
• Doubling the $25,000 homestead exemption
• Tangible personal property exemption of $25,000 for businesses
• 10% cap on assessments for non-homestead property

The plan is explained in detail by Florida Tax Watch in their memo titled “What the Special Session D Did”. I suggest you all keep an eye on this site and the Florida Tax Watch site for updates and more detailed info. Voters must still decide if they want to accept the new plan in January so be sure you understand what you’re voting for.

Popularity: 50% [?]

Share This

(1 votes, average: 5 out of 5)

 Loading ...