A proposed constitutional amendment that would establish new property tax assessment caps and a first-time homebuyer property tax break passed a House committee on Monday.
The House Community and Military Affairs Subcommittee voted to approve HJR 381, which puts a 3 percent cap on the assessments of properties that are non-homestead, meaning the owner does not live there full time. It also establishes a special exemption of 50 percent, not to exceed $200,000, for first-time home buyers that will apply to all property taxes other than school taxes.
The bill came under fire on Monday by cities and counties who said they have struggled to make ends meet as the economy and property tax law changes have caused revenue to plummet.
According to the Revenue Estimating Conference, local governments might see a reduction in property tax revenue of $1.27 billion by fiscal year 2015-16.
The Florida Realtors Association supports the measure, seeing it as a stimulus for home buying. The proposal would have to receive approval from 60 percent of Florida’s voters to become law.
The bill’s next stop is the House Economic Affairs Committee.
News Service of Florida
