Florida Legislature Passes Propopsed Constitutuional Amendment to Cut Property Tax 12.5 Billion

Responding to skyrocketing coastal property values and taxes, Florida lawmakers on Monday passed a proposed constitutional amendment that backers say would cut local property taxes by $12.5 billion over the next five years.

Summary of the Plan:
- Provides statewide portability up to $500,000 in value for homesteaded Floridians, including school taxes retroactive to January 1, 2007.
- Creates a $25,000 tangible personal property tax exemption for businesses.
- Creates an assessment cap of 10% 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 $25,000 homestead exemption, the portion between $50,000-75,000 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.

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