Florida Governor Crist Launches Tax Reform Website!
Have you wondered what the hoopla regarding the upcominig tax reforms are all about? Trying to figure out what it means? What breaks would YOU, as a homeowner get? How much, if anything does the new changes affect your wallet?
Well, here are a few sources, provided directly from the governor's office.
Attached to this blog you will find the press release package that Gov. Crist released a few months ago. I would suggest that you take the time to download (You will need Adobe Reader - Get it Here ) and read that package as it will help you understand the math and estimate what the changes would mean to you.
After reading the attached press release and if you feel that you like what you see then visit the tax reform website just launched to find out more and to sign up to show your support for the amendment.
Here is an excerpt from the YesOn1Florida.com website:
Constitutional Amendment: Super-sized Homestead Exemption
- On January 29, 2008, voters will be able to vote on a constitutional amendment which will affect their property taxes in 2008
- Current Save Our Homes and $25,000 exemptions may be replaced with an exemption up to $195,000
- At a minimum, it will double the current $25,000 exemption
- Homeowners have a choice whether to request the new exemption
- Or stay with the 3% cap of Save-Our-homes
New homeowners - as well as current homeowners who want to move - will see an immediate and substantial decrease
Constitutional Amendment: Other Exemptions
- Low-income seniors will receive a minimum $100,000 exemption on their homestead property
- Affordable housing and working waterfronts will also be taxed based on the income from the property
- The first $25,000 of tangible personal property will be exempt
Total property tax levies in Florida have more than doubled in the last nine years (FY 1997- FY 2006)
- Growth of 42 percent in just three years
- Almost three times as fast as the combined growth in population and inflation
- Current fiscal year likely to have the largest increase in recent history
Many local governments have treated lower millage rates as a tax decreases
- Homeowners have actually seen a significant tax increase
- Drastically increasing property values create skyrocketing tax burdens unless local officials significantly reduce the tax rate
Spending is growing because local officials cannot resist spending from increasing revenue bases
- Average budget growth of 38 percent from fiscal year 2005—fiscal year 2007
- Outpacing growth in population and inflation
- Decreasing Floridians ability to pay
Visit the Vote On 1 website to show your support at:
http://www.yeson1florida.com/
Attachment(s): tax_cut_press_package.pdf