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