A cap with real bite
A 5 percent assessment cap for nonhomestead property may not be dead after all.
Twice Monday, the business-friendly Taxation and Budget Reform Commission considered amendments that would lower the 10 percent cap that voters approved as part of Amendment 1.
During last year's tax-cut negotiations, House Republicans sought a 5 percent cap but lost to the Senate and Gov. Charlie Crist. Some business interests argued the higher cap under A1 is meaningless because assessments are not generally expected to hit double digits in the foreseeable future. Homesteaders, of course, have long enjoyed a 3 percent cap known as Save Our Homes.
In steps the TBRC ...
The 5 percent cap idea was tacked on to an idea put forth by Patricia Levesque that would swap out local property taxes for schools for other revenue sources. The amended proposal passed the TBRC's finance and tax committee, putting it closer to a vote before the full panel.