The House and Senate property tax plans
By the Times staff
Published April 19, 2007
The Florida House and Senate recently approved separate plans to lower property taxes. They will begin meeting next week to iron out their differences.
PROPERTY TAX PLANS
The House plan
Status: Approved Wednesday
Total savings: $35-billion over five years (originally the House estimated $25-billion)
Voters in each county would choose: Either eliminate property tax on primary homes and raises the sales tax 2.5 percent, or roll back tax revenues for cities and counties to 2000-01 levels. Budgets could grow with the population.
The Senate plan
Total savings: $12.3 billion over five years
Status: Approved Thursday
Roll back property tax revenues for cities and counties to 2005 levels, where they would freeze for one year. After that, budgets could grow with the population.
- Allow homeowners to carry the Save Our Homes benefit to new dwellings anywhere in the state.
- Double the homestead exemption to $50,000, for first time home buyers only.
- Exempt the first $25,000 of business equipment from a tax on tangible property.
- Limit commercial property assessments to current use, not its highest market value.
[Last modified April 19, 2007, 19:04:31]
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