House releases bill language
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.
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.