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Proposed Florida Tax Reforms

November 20, 2007

The Florida House has voted 97-18 to approve SJR 2-D and place it on the January 29th, 2008 ballot. The House then adjourned Special Session “D”.

This plan, which the Senate worked on over the weekend and presented to the House Monday night, has several components. Here are the highlights:

– provides statewide portability up to $500,000 in value for homesteaded Floridians, including school taxes, and is retroactive to Jan. 1, 2007.
– creates a $25,000 tangible personal property tax exemption for businesses.
– creates an assessment cap of 10 percent for all non-homestead property, but the cap will sunset in 10 years and must be placed on the ballot for reauthorization. This provision does not include school taxes.
– in addition to the current $25K homestead exemption, the portion between $50-75K would be exempt from property taxes – though the school board portion would still be taxed. The average savings for this component is $240 a year.

The House emphasized repeatedly that property tax reform is not finished, and that they would be working on the issue in the next regular session.

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