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Property Tax Relief Package Keeps American Dream Alive

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The Tampa Tribune

Published: November 2, 2007

John Adams said, "Property is surely a right of mankind as real as liberty." His words reflect the principles that have guided the Florida Legislature through the process of bringing property tax relief to the people of our state.

The right to property is essential to the American dream, and when that right is threatened by unexpected, unbearable spikes in property taxes, relief must be provided. This week, the Legislature passed a comprehensive constitutional amendment that, if approved by voters, will provide that relief.

One of the key provisions in our relief package allows homeowners to transfer their Save Our Homes tax benefit to a new home. This policy, called portability, will spark Florida's economy with only minimal impact on local government.

When one family downsizes into a smaller home that better meets their needs, thanks to portability, another family can afford to move into the other home. This policy eliminates the "lock-in effect," which has prevented homeowners - often seniors or empty-nesters - from moving into smaller homes as their needs or lifestyles changed.

Portability gives Floridians the freedom to choose where to live and what sort of home to buy based on the needs of their families, not on a failed tax policy.

The amendment also doubles the homestead exemption, providing an additional $25,000 exemption for the value of homestead property above $50,000 (excluding school taxes). This will allow the tax benefit to keep pace with the increased price of housing; more than 94 percent of Florida homeowners will enjoy tax relief under the increased exemption.

If approved by voters, this benefit will provide relief on your next tax bill.

The proposed constitutional amendment creates a new exemption from taxes on tangible personal property of $25,000 and eliminates the need for businesses and owners of manufactured homes to file a return if they have less than $25,000 in tangible personal property. This change will exempt more than 1 million Floridians from this tax, out of 1.2 million who pay it.

Many Floridians actually spent more money complying with related paperwork than they owed in tangible taxes. This proposed amendment will cut away that red tape.

Small-business owners, second-home owners, renters and others will benefit from the fourth component of the Legislature's tax relief plan, which places a 10 percent cap on assessments of nonhomestead properties.

Most nonhomestead property owners have experienced sticker shockwhen looking at their tax bills in recent years. This cap provides predictability for all properties in Florida; no longer will property owners have to fear unexpected, large assessment spikes.

This legislation reflects the testimony and ideas of many concerned voters across Florida. Now the choice is exactly where it should be - in your hands. On Jan. 29, you, the voter, will have the opportunity to approve this proposed amendment and provide much-needed property tax relief in our state.

The American dream is alive and well in Florida, and this constitutional amendment will ensure that Floridians can continue making that dream a reality in their own lives.

Mike Fasano, a New Port Richey Republican, represents District 11 in the Florida Senate. He chairs the Transportation and Economic Development Appropriations Committee.

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