Amendment 4: Real Estate Tax Changes Florida Needs
Posted by Benjamin Dona on Sunday, October 2nd, 2011 at 11:18am.
After last years ruling by the Florida Supreme Court rejecting the wording as misleading in Amendment 3 (Florida Real Estate Taxes: Win One, Lose One), the legislature has brought it back and set Amendment 4 on the ballot for a vote in 2012. Hopefully, there won't be another political hatchet job by the left in the state that will allow it to be derailed again.
What passing Amendment 4 will mean:
- Recapture Repeal for Common Sense Tax Relief - If approved it will allow the Florida Legislature to repeal the rule known as "recapture," ensuring that if your property value goes down, your property taxes cannot go up, sparing countless homeowners from higher taxes on top of lower home values.
- Non-Homestead Properties - It will reduce the cap on the increase of property assessments for non-homestead property from 10% to 5%. Even if you do not have a homestead exemption for your home or office, your assessed value cannot increase by more than 5% from year to year.
- First-Time Homebuyer Homestead Exemption - It will provide an additional homestead exemption for first-time homebuyers or homebuyers who have not had a homestead exemption in the last three years.
Our guess is that Amendment 4 will easily pass if it makes to the electorate for a vote.
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