Tax Amendment Passed, What Next?

By: jennifer Mood: full of life Date: 01/31/2008 21:52:51 Music: None

Florida voters said it loud and clear, passing the Amendment 1 at a 2-1 ratio. 

So it seems that the immediate benefactors of the tax change are longtime homeowners who moved last year or plan to move now, existing homeowners, businesses that pay taxes on tangible personal property, and owners of commercial properties, rental units or second homes whose values have gone up more than 10% in the last year. 

For those individuals that do qualify for the home portability a simple form must be filled out and completed by March.  Visit the link below for necessary paperwork.

http://dor.myflorida.com/dor/property/sb4d.html

Homeowner's that are not planning to move or have recently purchased their first home will see their tax exemption increase from $25,000 to $50,000, which should amount to an average savings of $240.00 per home.

Owners of nonhomestead property, such as second homes, rental property or commercial buildings, will get a tax break too – but only if their assessment would have climbed more than 10 percent this year. The new amendment limits the increase on their tax assessment to 10 percent.

There are already talks of additional tax reforms in the future.  So it is save to say this will continue to be an ongoing issue in our community.

Jennifer Salkey