With two days remaining in the legislative session, Floridians were able to get one step closer to economic recovery in the Sunshine state. When I visited Tallahassee a few weeks ago property tax reform was one of the issues I discussed with our legislators and Realtors® from around the state worked tirelessly to bring about.
The Senate passed HJR 381, a measure that would, among other things, provide property tax relief to non-homestead owners and first-time buyers.
“Realtors have worked so hard for so many years on both of these issues, and we did a lot of heavy lifting on both of these bills, particularly HJR 381,” says John Sebree, vice president of public policy for Florida Realtors. “Legislation that provides a tax break is a tough sell in a tight budget year. But at the end of the day, lawmakers agreed that tax incentives for first-time buyers, investors and businesses/employers could speed Florida’s economic recovery. We hope the voters agree.”
If approved by voters in November 2012, the proposal would reduce the yearly assessment cap on non-homestead property from 10 percent to 5 percent. It also gives anyone who hasn't owned a home in Florida for three years a discount of 50 percent of the home's assessed value, not to exceed the median home price in that county. The ‘super exemption’ ends after five years.
The measure also allows the Florida legislature to prohibit assessment increases when property values fall. Currently, the Legislature does not have that power.
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