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Property Tax Relief 2011: Who wins?  Who loses? 

Property Tax Relief 2011: Who wins?  Who loses? . Amber Hughes Florida League of Cities August 12, 2011. CS/CS/CS/CS/HJR 381. Passed both chambers and will be placed on the November 2012 general election ballot as Amendment # 4 for consideration as a constitutional amendment.

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Property Tax Relief 2011: Who wins?  Who loses? 

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  1. Property Tax Relief 2011: Who wins?  Who loses?  Amber Hughes Florida League of Cities August 12, 2011

  2. CS/CS/CS/CS/HJR 381 • Passed both chambers and will be placed on the November 2012 general election ballot as Amendment # 4 for consideration as a constitutional amendment. • Requires 60% of Voter Approval • The provision will take effect on January 1, 2013.

  3. Non-homestead Assessment Cap • Reduces the annual growth in assessment limitation on certain non-homestead property from 10 percent to 5 percent. • The January 1, 2019 sunset of the non-homestead assessment limitation is extended to 2023.

  4. First-Time Homesteader Exemption • New homestead exemption for “first-time homesteaders”- individuals who have not received a homestead exemption in the past three years. • Additional homestead exemption is 50 percent of the median just value for property up to the median just value for the county. • The exemption is reduced each succeeding year by 20 percent of the initial exemption for five years.

  5. Recapture • The joint resolution would allow the Legislature by general law to prohibit increases in the assessed value of a homestead property and certain non-homestead property, in any year where the market value of the property decreases.

  6. Impacts • Inhibits cities efforts of economic recovery by limiting the growth in non-homestead properties to 5% regardless of actual growth rates. • Creates the same inequities that plagued Save Our Homes. • Unintended consequences to the competitiveness of small businesses. • Disproportionate benefits to properties in high-growth areas. • Creates new inequities with the First-Time Homebuyers Exemption

  7. Questions and Contact Information Amber M. Hughes Legislative Advocate Florida League of Cities Ahughes@flcities.com 850.701.3621

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