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FLORIDA VOTERS APPROVE PROPERTY TAX REFORM AMENDMENT BY LANDSLIDE MARGIN!!
Statewide Vote
Total:
YES - 64%,
No - 36%.
Broward Vote Total:
YES - 71%,
No - 29%.
On January 29, Florida voters overwhelmingly approved Amendment 1 to grant added tax relief to property owners. The new Florida Constitutional Amendment doubles the homestead exemption to $50,000; gives homesteaded owners the "portability" right to move Save Our Homes benefits to a new homesteaded property; grants businesses and mobile home residents a $25,000 break on tangible personal property taxes; and caps annual increases for non-homesteaded properties to no more than 10%. Most importantly, the proposal fully preserved our existing 3% Save Our Homes cap.
Homesteaded owners do NOT need to apply for the additional savings, as the $50,000 homestead exemption amount will be automatically applied starting this year. The Florida Department of Revenue (DOR) has drafted some initial forms and guidelines -- and is now working on drafting the administrative rules and additional forms to implement the rest of these new benefits. Click here to visit the DOR website tracking these developments. You can also read the enabling legislation for the amendment by clicking here if you'd like to learn more.
If you had homestead on one Florida property in 2007 and are now seeking to move your homestead to a new location in 2008:
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