FLORIDA TAX REFORM FINALLY MAKES THE JANUARY BALLOT
The Senate & House finally came to an agreement on the tax relief issue that will be put on the January ballot.
- Double the homestead exemption, but only for homes valued at more than $75,000 and not for school taxes.
- Allow owners of homestead property to transfer up to $500,000 in Save Our Homes benefits, including school taxes, to a new home.
- Impose a 10 percent assessment cap on non-homestead property for the next 10 years. The cap does not apply to school taxes. After 10 years, voters will have the option to restore the 10 percent cap.
- Allow businesses to exempt $25,000 in taxes paid on computers, office equipment and other personal property.
This will provide some relief to Florida residents, second home owners, and investors, but does not provide any assistance to first time home buyers.