Governor Charlie Crist has signed a property tax bill that would implement property tax cuts IF Voters approve a proposed State Constitutional Amendment that will appear on the January 29th Presidential Primary Ballot.  The amendment that was passed during a special session of the Legislature on October 29th has four parts:

1.  Double the existing $25,000 homestead exemption for primary homes valued at more than $50,000 but only for non-school taxes.

2.  Allow homesteaders to take existing “Save Our Homes” benefits along when they move (portability).  Since originally passed as an Amendment to the Florida Constitution by Florida voters, Save Our Homes has limited the annual tax assessment increases to 3 percent for primary residences only.

3.  Provide businesses, second homes and rental properties with an annual assessment increase cap of 10 percent.

4.  Gives businesses a $25,000 exemption on equipment and other personal property.

Amendment 1 obviously does not provide the tax relief we need and it’s much less than expected.  It will, however, put some money back into the hands of most Florida property owners.  It will save taxpayers $12.4 billion over five years and hold down the unrealistic growth of property taxes that doubled in the past six years.  Reduced revenues will cause local governments to work within their budgets and quit running to Florida’s families and small businesses.  Amendment 1 will NOT take away any of the benefits of the current Save Our Homes Amendment. 

Speak to everyone you can and encourage them to vote ‘YES” on Amendment 1 on January 29th.  This is the starting point we have been looking for.  The fight doesn’t end there.  The Florida Association of REALTORS® membership has been working long and hard on tax and insurance relief.  They will not slow down, but need the support of Florida home and business owners to keep the ball rolling. Don’t let anyone tell you that they are waiting for higher deductions, etc.  We all know that something that took years to build up will not be fixed in one year with one Amendment.  Getting what we want and deserve will take time and effort.   In the long run, the voters will decide whether Florida begins to see tax relief in 2008!  If we don’t support Amendment 1, we would certainly have no cause to complain about our taxes in the future.  

Martha Bullman
CEO Realtor Association of Miami Dade County