Florida Property Tax Update

On Monday October 29th, Florida lawmakers passed a ballot measure that would, if approved by voters on Jan. 29th :

• Double the $25,000 homestead exemption, but only on the non-schools portion of homeowners' bills, providing on average a $240 break;
  
  
• Let homeowners take as much as $500,000 of their accrued Save Our Homes benefit with them to a new homestead, providing as much as an $8,500 break;
  
  
• Giving business owners a $25,000 exemption on their ``tangible personal property" bills, giving them about $425;
  
  
• Cap assessment increases on non-homesteaded properties(snowbirds) at 10 percent annually, but only for the non-schools portion of tax bills.