< Back to Tax Talk Issue Directory
< Back to Current Tax Talk Issue

Additional Property Tax Reform (Legislative Update Part II)

On November 2, 2010 Florida voters will get the opportunity to decide on additional property tax reform ballot initiatives approved by the Florida Legislature during the 2009 Session. The proposed Constitutional Amendments are targeted towards non-homestead property owners, 1st time home owners and military personnel.

One amendment proposes to lower the non-homestead property tax assessment cap to 5 percent from 10 percent and provide a homestead exemption for new homebuyers. The new homebuyer proposal provides an additional homestead exemption for persons who have not owned a principal residence during the preceding 8 years. Under the exemption, 25 percent of the just value (market value) of a first-time homestead, up to $100,000, will be exempt from property taxes. The amount of the additional exemption will decrease in each succeeding year for 5 years by the greater of 20 percent of the initial additional exemption or the difference between the just value (market value) and the assessed value of the property. The additional exemption will not be available in the 6th and subsequent years.

Florida military personnel and their familyies are the proposed beneficiaries of the third property exemption. The amendment provides an additional homestead property tax exemption to military personnel who receive a homestead exemption and were deployed in the previous year on active duty outside the continental United States, Alaska, or Hawaii in support of military operations. The exempt amount will be based upon the number of days in the previous calendar year that the person was deployed on active duty outside the continental United States, Alaska, or Hawaii in support of military operations designated by the Legislature.

To view the exact language included on the ballot visit the Florida Department of State, Elections Division at http://election.dos.state.fl.us/constitutional-amendments/2010-proposed.shtml. Select the Amendments for 2010 Election link listed on the page.

< Back to Tax Talk Issue Directory
< Back to Current Tax Talk Issue