Property taxes are at the center of debate between the governor, House, and Senate leadership. Committee members already met for the first time Friday, May 2, discussing proposals for property tax reform, all of which will require a constitutional amendment.
Here are five proposals being considered.
1. Requiring every city, county and special district to hold a referendum on the elimination of homestead property taxes.
2. Creating a new $500,000 homestead property tax exemption for non-school property taxes. That $500,000 exemption would be increased to $1,000,000 for homeowners who are over 65 years of age or who have had a homestead in Florida for over 30 years.
3. Authorizing the state Legislature to raise the amount of the homestead exemption by state statute.
4. Enhancing Florida’s assessment limitation caps for homestead and non-homestead properties. Change the homestead assessment cap from 3% per year to 3% every three years. For non-homestead assessments, adjust the cap from 10% per year to 15% every three years.
5. Prohibit the government from foreclosing on a homestead property for unpaid taxes.
Source: Florida REALTORS
Mortgage Rates
Remain Flat
Mortgage rates stayed flat this week. At this time last year, the 30-year fixed-rate mortgage was 30 basis points higher and purchase applications were declining. Today, rates are lower and have remained stable for weeks, sparking continued increases in purchase applications.
