My Single Mom Life

The Florida homestead exemption amendment is not good for Florida homeowners no matter how they market it to you.
It says you will save on your taxes, but do you know how much?

The average Florida homeowner will only get a tax savings of $240.00.
Peanuts.

Source.

"The four-part tax package would:

# Increase the $25,000 homestead exemption to $50,000.

Proponents have framed this measure as a doubling of the current $25,000 homestead break, but that's misleading, as the new exemption won't apply to school taxes, which make up roughly 40 percent of property tax bills.

# Make accrued benefits from Save Our Homes -- which caps annual assessment increases at 3 percent -- transferable to new homesteads.

# Cap assessment increases on commercial and non-homestead property to 10 percent annually.

# Create a $25,000 exemption on tangible property for businesses, usually for things such as machinery and equipment.

What benefit would those changes provide?

The average Florida homeowner would get a tax savings of $240 from the added homestead break.

The commission's report offers a unique chance for the start of a major tax system overhaul this year, whereas Amendment 1 offers a piecemeal approach to tax relief at best.

Voters should turn it down.

Florida needs, and must get, something significantly better."