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From the staff of the Tampa Bay Times

House releases bill language

20

October

House staffers are pulling some long hours ... They just released the legislation to accompany the new tax proposal. Read it here, along with a new joint resolution.

Also, there are county-by-county numbers, as well as average savings under the new homestead exemption.

State represenatives will return to session at 3 p.m. Monday to take up the proposal, which has support of Democrats and business. But a confrontation is pending with the Senate, which has already passed the previous package.

For a recap of the differences, see below.

 

                    Tax plan comparison

The Florida House and Senate now agree that the property tax cut package should offer savings over four years of about $11-billion. But they differ somewhat on how to get there. Here’s a synopsis:

Both chambers agree:
1. Save Our Homes would be made portable. (Owners can take benefit with them when they buy a new home. People who moved in 2007 could get the benefit retroactively.)
2. Tax breaks for affordable housing property and working waterfronts.
3. $25,000 tangible personal property exemption.
4. Tax break for low-income seniors.

Different approaches to same problem:

1. Senate would double the $25,000 homestead exemption. And first-time buyers would get an extra exemption equal to 25 percent of value.
2. House would give an exemption equal to 40 percent of a county’s median home value — about $70,000-$75,000 around Tampa Bay.

Total disagreement:
House would put 5 percent cap on increases in annual assessments of nonhomestead property. Senate leadership objects because it was not part of the original deal agreed to by Legislative leaders and the governor.

[Last modified: Wednesday, September 15, 2010 12:22pm]

    

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