Kristen Brown
Homeward Real Estate
Office 813.441.0400    Direct 813.810.7196
Florida's AMENDMENT 1

Property taxes have doubled in the past six years outpacing the average growth of homeowner’s salary.  Local governments have used their increase in revenues to greatly expand their budgets and reserves, instead of returning it to Florida’s families and small businesses.  Florida has spoken and will receive the tax cut they deserve! Amendment 1 gives us a tax cut- guaranteed by law, and will help reignite Florida’s economy.  With Amendment 1, families across Florida will see an immediate decrease and even greater savings when they move.

Floridians need property tax relief

With the passage of Amendment 1, citizens gain the freedom to purchase a new home without huge tax penalties, and rental home owners, second home owners and businesses will benefit by limited future tax increases.

The amendment contains two main provisions:

  1. Double the homestead exemption for almost all homeowners, providing an average savings of about $240 annually. The new exemption applies fully to homesteads valued over $75,000 and partially for homesteads valued over $50,000. This new exemption does not apply to school taxes.
  2. Allow portability: The Governor has heard from many constituents that they feel trapped in their homes. Portability will allow homeowners to transfer their Save Our Homes tax benefits from their old home to a newly purchased home. Portability applies to homes purchased in 2007 and later, and the benefit is capped at $500,000.

If you upsize, you will be able to apply the dollar value of your Save Our Homes tax benefit to your new home.

For example:

    1. Homesteader owns home valued at $300,000 and buys a new home valued at $400,000

If you downsize, you will be able to apply the percentage of the Save Our Homes benefit to your new home.

For example:

    1. Homesteader owns home valued at $300,000 and buys a new home valued at $150,000
  1. Provide an assessment cap of 10% for all properties, not previously capped: While homestead properties are already capped at 3%, now all other properties, including rental properties, second homes, and business properties, will be protected from huge increases in valuation. This new exemption does not apply to school taxes.
  2. Create a new $25,000 exemption for business property, including office furniture, computers, machinery and equipment.

Estimates provided by the Legislature show that Florida homeowners and businesses will save over $12 billion in property taxes over the next five years.

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Homeward Real Estate
4045 Henderson Blvd. • Tampa, FL33511 33629
Office 813.441.0400 • Direct 813.810.7196
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8138107196 8138107196
8138107196 8138107196