Florida State Amendment 1 Passes the buck

In yesterday’s primary election voting, State Amendment 1 passed by 64.4%. As posted in an earlier report, the ‘tax-reshuffle’ :My Florida homestead

  • increases the homestead exemption except school district tax
  • allows homestead property owners to transfer up to $500,000 of their Save-Our-Homes benefits to their next homestead
  • for non-homestead property, provides a $25,000 exemption for tangible personal property (business property)
  • limits assessment increases for specified non-homestead real property except for school district tax

Who benefits:

  • Florida residents with a homesteaded primary residence (savings = about $200)
  • Business owners with taxable assets
  • Residents who move homes do not lose all of their capped taxable value.

Who’s left out:

  • Second home owners
  • Vacation home owners
  • Landlords

What isn’t addressed:

  • Government spending
  • Public school funding
  • Method of determining appraised value
  • Highest and best use criteria
  • Millage tax rate

The bottom line is that property tax was reduced, for some, by about 3%.

What do you think? Do you feel you get value for your tax ‘contribution’.

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