News Details (Posted: November 3, 2007):

Florida Legislature Passes

Full Description:

FLORIDA LEGISLATURE PASSES TAX REFORM IN TIME FOR JAN BALLOT Here is the latest: • Double the homestead exemption, but only for homes valued at more than $75,000 and not for school taxes • Allow owners of homestead property to transfer up to $500,000 in Save Our Homes benefits, including school taxes, to a new home • Impose a 10 percent assessment cap on non-homestead property for the next 10 years. The cap does not apply to school taxes. After 10 years, voters will have the option to restore the 10 percent cap • Allow businesses to exempt $25,000 in taxes paid on computers, office equipment and other personal property With the deadline at hand, lawmakers had to quickly agree, and the final package represents a product that everyone could accept. The House, however, emphasized repeatedly that it would continue to work on property tax reform during the Legislature's regular session next year, an opinion echoed by FAR.