< Back to Tax Talk

Property Tax Reform Legislation Summary

The Florida Legislature approved tax reform legislation on Monday, October 29, 2007. The fourth special session was convened after a Leon County Circuit Judge ruled ballot language submitted for the January 29, 2008 Primary Election was unclear and ordered removal of the language from the ballot. The Legislature passed three bills to rectify the situation:

SJR 2-D – Proposed ballot language for inclusion on the January 29, 2008 ballot

• Tangible Personal Property
• Applies to all tax levies
• Exemption of $25,000

• Portability of Save Our Homes Benefit
• Applies to all tax levies
• Homestead property owners will be able to transfer SOH benefit to a new homestead within 2 years of giving up previous homestead (After 2007)
• 100% portability of the SOH differential, up to $500,000 for homeowners who upgrade to a more expensive home
• Proportional portability for homesteaders who move to a less expensive home.

• Double Homestead Exemption
• Does not apply to school property taxes
• Allows an additional $25,000 homestead exemption
• Applies to property’s value between $50,000 and $75,000

• Assessment cap for non-homestead property

• Does not apply to school property taxes
• Non-homestead property assessments could increase no more than 10% each year
• Repealed in 2019 (unless renewed by vote of electorate)

SB 4-D – Implementing Bill

• Authorizes the Florida Department of Revenue to adopt emergency rules to implement Constitutional revisions (if approved by the electorate)
• Provides for distribution of portability amount to property owned by more than one person (i.e. in cases of divorce)
• Authorizes funding appropriations to fiscally constrained counties to offset reductions in ad valorem tax revenue beginning in the 2008-2009 fiscal year
• Outlines the non-homestead assessment application process

SB 6-D – Special Election Bill

• Provides for January 29, 2008 special election to include language from SJR 2-D
• Appropriates $560,000 to advertise the constitutional amendments being submitted to the electorate