TAXES

Florida Legislature may agree on method of property tax reform

TALLAHASSEE, Fla. – May 17, 2007 – While a House-Senate committee discussing Florida property values has not reached any conclusions, negotiators said yesterday they’ve tentatively agreed on a method to use – expand existing exemptions, such as homestead, and create new ones for non-homesteaded properties.

The announcement followed an earlier release from House Democrats touting their version of property tax reform, which included larger exemptions. Their version would exempt 50 percent of a home’s value for homesteaded owners. Other property owners could exempt 25 percent of their value for tax purposes up to a maximum of $250,000 for larger commercial properties.

House Republicans had suggested a similar plan earlier, but with more dramatic exempt amounts. Some leading state senators have also expressed support for this type of tax-cutting plan, though all parties still remain far apart in the amount of the exemption. House Speaker Marco Rubio earlier suggested an exemption as high as 80 percent for homesteaded owners, though he was less clear on the amount other owners should enjoy.

A meeting of the joint House-Senate takes place on Monday at 1 p.m. in Tallahassee, one of two interim meetings scheduled before the full Legislature returns for a special session Jun 12-22.

Source: The Orlando Sentinel, May 17, 2007

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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