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Crist signs property tax-cut implementing bill
Interesting information on property tax from the Florida Association of Realtors:
TALLAHASSEE, Fla. (AP) – Nov. 14, 2007 – Gov. Charlie Crist on Tuesday signed into law a bill that would implement property tax cuts if voters approve a proposed state constitutional amendment that’s on the Jan. 29 presidential primary ballot.
The amendment, which the Legislature approved Oct. 29 during a special session, has four parts including an increased homestead exemption expected to save the average homeowner $240 a year.
It would double the existing $25,000 homestead exemption for primary homes valued at more than $50,000 but only for non-school taxes.
A “portability” provision would allow homesteaders to take existing Save Our Homes benefits along when they move. Save Our Homes limits annual assessment increases to 3 percent but only for primary homes.
Another provision would provide businesses, second homes and rental properties with a similar cap of 10 percent.
Finally, the amendment would give businesses a $25,000 exemption on equipment and other personal property.
Related Links:
The original article from the Florida Association of Realtors:
http://www.floridarealtors.org/NewsAndEvents/n1-111407.cfm
Video from the Florida Association of Realtors on the topic:
http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/Tax...
TALLAHASSEE, Fla. (AP) – Nov. 14, 2007 – Gov. Charlie Crist on Tuesday signed into law a bill that would implement property tax cuts if voters approve a proposed state constitutional amendment that’s on the Jan. 29 presidential primary ballot.
The amendment, which the Legislature approved Oct. 29 during a special session, has four parts including an increased homestead exemption expected to save the average homeowner $240 a year.
It would double the existing $25,000 homestead exemption for primary homes valued at more than $50,000 but only for non-school taxes.
A “portability” provision would allow homesteaders to take existing Save Our Homes benefits along when they move. Save Our Homes limits annual assessment increases to 3 percent but only for primary homes.
Another provision would provide businesses, second homes and rental properties with a similar cap of 10 percent.
Finally, the amendment would give businesses a $25,000 exemption on equipment and other personal property.
Related Links:
The original article from the Florida Association of Realtors:
http://www.floridarealtors.org/NewsAndEvents/n1-111407.cfm
Video from the Florida Association of Realtors on the topic:
http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/Tax...
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