On January 29 th , Florida voters will have an opportunity to vote on the constitutional amendment for property tax relief as well as a Save Our Homes (SOH) portability inclusion. The amendment will become law if 60% of the state's voters approve it.
Longtime owner occupied properties would see the largest financial benefit from the passage of amendment one. The homestead exemption would increase from $25,000 to $50,000 and the portability clause would allow a (SOH) exemption of up to $500,000. Right now, this exemption is not portable. For example, if the owner of a $400,000 home, with an accumulated Save Our Homes exemption of $300,000, moved to a home valued by the property appraiser at $800,000, the new home would be assessed at $500,000 for tax purposes. This would be retroactive to homes sold in 2007. Over the years, the 3% cap on annual increases in property taxes (SOH) has allowed the long time Florida home owner to build up an enormous amount of property value that is not taxable.
The typical amount of savings that the homestead exempted property owner would receive if the amendment is passed is $200 to $300 a year. While this isn't a large quantity of money, with the exorbitant tax bill that I pay, every little bit helps. As a widowed senior citizen, who bought a new home in Florida during the housing bubble of 2004-2006, I can attest to the inequities of the present (SOH) system. I live in a home that is identical to the one next door but my neighbor, who bought his house in 1998 pays $1800 in property taxes and I pay $3300.
Additionally, the glut of houses available now in the marketplace is directly correlated to the lack of portability of the (SOH) Passage of this amendment would decrease the supply of available property and coincidentally, save our home's values from decreasing even more than they already have.
While I concede that this amendment isn't perfect and even if passed may be challenged in court, I don't buy the rhetoric that our city will lose valuable services if we reduce property taxes. I say vote yes!. With the economy in such dire straits, a property tax decrease is indeed warranted! It passed!
Rebecca Ashby has spent the last thirty years teaching English and Communication Arts.She is now retired from the teaching profession and is working on her memoirs.You can see her other articles at
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