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Old 09-26-2007, 06:55 PM
 
2,141 posts, read 6,886,345 times
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Proposing amendments to the state constitution to increase the homestead exemption from $25,000 to 75 percent of the just value of the property up to $200,000 and 15 percent of the just value of the property above $200,000 up to $500,000, to subject the $500,000 threshold to annual adjustments based on the percentage change in per capita personal income, to authorize an increase in the $500,000 threshold amount by a two-thirds vote of the Legislature, and to specify minimum homestead exemption amounts of $50,000 for everyone except low-income seniors and $100,000 for low-income seniors; to provide for transitional assessments of homestead property under the increased homestead exemption that include preserving application of Save-Our-Homes provisions until an irrevocable election is made; to revise Save-Our-Homes provisions to conform to provisions providing for the increased homestead exemption and transitional assessments of homestead property; to require the Legislature to limit the authority of counties, municipalities, and special districts to increase ad valorem taxes; to authorize an exemption from ad valorem taxes of no less than $25,000 of assessed value of tangible personal property; to provide for assessing rent-restricted affordable housing property and waterfront property used for commercial fishing, commercial water-dependent activities, and public access at less than just value; and to schedule the amendments to take effect upon approval by the voters and operate retroactively to January 1, 2008, if approved in a special election held on January 29, 2008, or shall take effect January 1, 2009, if approved in the general election held in November of 2008.

I don't have a clue what it says in reality!!
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Old 09-26-2007, 06:59 PM
 
2,313 posts, read 3,163,126 times
Reputation: 471
Quote:
Originally Posted by firemed View Post
Proposing amendments to the state constitution to increase the homestead exemption from $25,000 to 75 percent of the just value of the property up to $200,000 and 15 percent of the just value of the property above $200,000 up to $500,000, to subject the $500,000 threshold to annual adjustments based on the percentage change in per capita personal income, to authorize an increase in the $500,000 threshold amount by a two-thirds vote of the Legislature, and to specify minimum homestead exemption amounts of $50,000 for everyone except low-income seniors and $100,000 for low-income seniors; to provide for transitional assessments of homestead property under the increased homestead exemption that include preserving application of Save-Our-Homes provisions until an irrevocable election is made; to revise Save-Our-Homes provisions to conform to provisions providing for the increased homestead exemption and transitional assessments of homestead property; to require the Legislature to limit the authority of counties, municipalities, and special districts to increase ad valorem taxes; to authorize an exemption from ad valorem taxes of no less than $25,000 of assessed value of tangible personal property; to provide for assessing rent-restricted affordable housing property and waterfront property used for commercial fishing, commercial water-dependent activities, and public access at less than just value; and to schedule the amendments to take effect upon approval by the voters and operate retroactively to January 1, 2008, if approved in a special election held on January 29, 2008, or shall take effect January 1, 2009, if approved in the general election held in November of 2008.

I don't have a clue what it says in reality!!
You know what it funny, I have read it a dozen times in the past and this is the first time I realized they were raising the exemption from $25,000 to $50,000 for everyone, even those who keep their SOH. They not only get to keep their SOH exemption but get it raised as well. The part about the low income and the $100,000 might as well be in Chinese it is so hard to understand.
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Old 10-17-2007, 07:00 PM
 
3 posts, read 15,342 times
Reputation: 11
Default Exemption...How to find info.

I am moving to Fl in the spring. Is there a state gov website that has the most up to date info, kind of a on-going status about this "super exemtion" and where it is in the legislative process?
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Old 10-17-2007, 09:11 PM
 
Location: East Tennessee
3,928 posts, read 11,556,791 times
Reputation: 5259
Default 3% Cap just passed the house yesterday...

Quote:
Originally Posted by Sunshine newbies View Post
I am moving to Fl in the spring. Is there a state gov website that has the most up to date info, kind of a on-going status about this "super exemtion" and where it is in the legislative process?
The preceding Amendment copied above has been removed from the ballot and must be revised and approved by the Florida politicians before going back on the January 2008 ballot. There's no need to explain it, because it's changing.

The Florida House is in a property tax special session from October 11-29.

Yesterday, a Florida House committee approved significant property tax relief that creates a 3 percent assessment cap on non-homestead and commercial properties that the state currently offers only to homestead properties. It's a start.

There are also rumors of special tax treatment for first time homebuyers, portable Homestead Exemptions, 1% sales tax increase for schools and more. What concerns me is I've heard not one whisper this week about the Super Homestead Exemption so highly publicized for primary residences. Who knows what they'll finally agree upon and then try to sell it to us?

Here's a link to Florida's House of Representatives

and to the Florida Senate

All I keep preaching is if they don't get something acceptable to the people on the ballot, then property owners needing relief and those who would otherwise buy, will be waiting until 2009.

Last edited by TampaKaren; 10-17-2007 at 09:50 PM.. Reason: Word smithing <g>
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