On Sunday, the Tampa Tribune published this had handy guide on the property tax amendment:
What’s In Amendment One
•Doubling the homestead exemption for primary homeowners to $50,000
•Making Save Our Homes tax protection portable for homeowners who want to move to a new primary residence, up to $500,000
•A $25,000 tax break on tangible personal property for businesses
•A 10 percent cap on annual rises in assessments for property without homestead exemptions
What It Leaves Out
•Additional tax assistance for first-time homebuyers
•Reforms to reduce or eliminate the tax inequities that Save Our Homes creates among longtime homesteaders, first-time homebuyers and owners of nonhomesteaded property
•A guarantee that lawmakers will hold public schools “harmless”
•Alternative sources of revenue to offset tax cuts
•Anything to stop cities and counties from raising their tax rates to compensate for revenue lost as a result of the amendment
Also outlines benefits and more Pros & Cons. Read more.