What will the Proposed Constitutional Amendment do if it passes?
There is a Florida Constitutional Amendment to be voted on January 29th, 2008 – if it passes it would do 3 major things: • double the homestead exemption to $50,000; • allow your exemption to be portable – when you buy a new home so your taxes don’t jump up after being in greatly reduced by only being taxed at a low rate; • there would be a 10% annual cap on Non Homestead-ed properties. This would then limit how much the Market value could adjust in any given year on Non Homestead-ed properties. This will help second home owners and Tampa Bay real estate investors who saw taxes jump dramatically as property values increased 50% over the last five years in Florida.
