The Save Our Homes program was created to protect the taxes on homesteaded property from increasing dramatically as the home increased in value. Save Our Homes limits the tax burden to a 3% increase per year. The longer a person lives in their home the greater the benefi t Save Our Homes provides. The newly proposed constitutional amendment will allow for portability of the Save Our Homes benefi t if a resident chooses to move into a new home. Under current law the Save Our Homes benefit is lost when one moves. If the amendment is adopted the entire benefi t of Save Our Homes will be transferred if a resident purchases a home of greater value then their existing home. If a home of lesser value is purchased then a proportional share of the tax benefi t is transferred.The newly proposed constitutional amendment also proposes a doubling of the homestead exemption.
Currently, the first $25,000 of a home’s value is exempted from property taxes. If the amendment passes the exemption will doubled to $50,000 for homes valued above $50,000. School tax levies are not impacted by this exemption. The proposal also includes an exemption of $25,000 for tangible personal property used in businesses, mobile home attachments on rented land and furniture and appliances used in rental properties. If adopted this will free over !,000,000 Floridians from fi ling this burdensome tax.While Save Our Homes limits the assessments on homestead property, there currently is not a cap on assessment for non-homestead property. The proposal puts forth an annual cap of 10% on the assessed
value of such property. The accumulated assessment limitation will end at the time the property changes ownership. The benefi ciaries of this proposal will be small business owners, those who own second homes and renters who must pay the cost of increased taxes through increased rental fees. “Floridians will be given the chance to vote on these issues in January,” Senator Fasano states. “The Florida Legislature has created a comprehensive package of tax relief that will be meaningful to a broad spectrum of Floridians.”
Greg Giordano Chief Legislative Assistant to State Senator Mike Fasano
8217 Massachusetts Avenue 310 Senate Offi ce Building
New Port Richey, FL 34653 Tallahassee, FL 32399
(727) 848-5885 (850) 487-5062
Supporting Good News... The Tampa Bay Informer - The Good News Newspaper serving Pinellas, Hillsborough and Pasco Florida cities: Clearwater, Dunedin, Largo, Safety Harbor, St. Petersburg, Clearwater Beach, Indian Rocks Beach, Sand Key, Pinellas Park, Palm Harbor, Tampa,