Tax Relief?

Voters Will Decide Fate of Tax Relief

On January 29th, 2008 Florida votes will vote to make several tax breaks part of the state constitution. It will take a 60 percent vote in order for the following ammendments to become finalized:

Double the $25,000 Homestead Exemption:

Homes valued at more than $50,000 would qualify for a homestead exemption worth $50,000. This exemption would not apply to school taxes, so it would average out to an extra $15,000 exemption. A typical homeowner would save about $220.

Provide Portability:

Permanent residents would be able to transfer their Save Our Homes accrued benefit, up to $500,000, when they move. This applies to anyone who sold a home in 2007. If the new home is more expensive, the entire Save Our Homes benefit can be transferred. If the new home is less expensive, the percentage of the benefit can be transferred.

Business Break:

Businesses would receive at $25,000 tangible personal property tax break.

Cap:

A 10 percent cap would apply to the annual assessments for non-homestead properties, including businesses, second homes, rental properties and vacant land.

Information provided by Sun-Sentinel