The 2011 Florida legislative session ended late last night and the Florida real estate market scored some impressive victories as everything was said and done.

Here’s a synopsis of some of the more important real estate changes:

Tax relief for non-homesteaded owners and first-time buyers – Voters in 2012 will get a chance to adopt HJR 381 which will reduce the yearly assessment cap on non-homestead property from 10% to 5%. It would also give anyone who hasn’t had a homestead exemption in Florida for three years a property tax discount of 50% of the home’s assessed value, not to exceed the median home price in that county. This additional first-time homestead owner exemption phases out for the property owner over five years while their Save Our Homes is phasing in. The measure also allows the Florida Legislature to prohibit assessment increases when property values fall. Currently, the Legislature does not have the power to prevent local governments from “recapturing” the tax revenues that Save Our Homes shields during a rising real estate market.

Continue Reading Florida Real Estate: 2011 Legislative Update

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