Tax Reform Will Make the 29 January 2007 Ballot
The Florida legislature met the deadline to have the tax reform make the January 29, 2008 vote. There were compromises with some highlights below. I have also provided a link with the tax matrix provided by the Florida Association of Realtors (FAR) that summarizes the different tax issues. This is for basic information purposes only. Please seek the advice of your tax professional on how these changes may affect you if passed.
1. Portability: Homestead Owners can transfer their tax saving (up to a $500,000) if upsizing
2. Doubling of the homestead exemption for homes valued more than $75,000
3. Homestead tax increase cap: Lesser of 3% or CPI
4. 10% Non-homestead property tax cap
5. No Fist time homebuyer exemption
This is just a quick overview.
