Tag: Voting

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

Added to Tuesday’s primary ballot is a proposed change to the way property taxes are assessed.

Currently, a rule of thumb is that taxes on real estate are nearly 2% of appraised value. Usually the appraised value is lower than market price and owners who live in their homes can claim a $25,000 deduction. The median price of Florida houses is about $300,000, so a home buyer could be paying $6,000 per year.