Woohoo! Amendment 1 for property taxes in Florida just passed with the required 60% of votes minimum. One constant with home buyers and sellers has been complaints about the property tax system and their voices were finally heard loud and clear. Hopefully this will set a precedent for more property tax reform in the future.
Future property taxes will be capped on businesses, industrial property, rental, and second homes at 10% and offers a $25,000 exemption on business equipment.
Homeowners will save an average of $240 per year which doesn’t sound like a whole lot but the brightest feature of this amendment is the portability of the Save Our Homes Cap. So homeowners who have lived in their home for a long time who have been shielded by the 3% increase cap will benefit the most because they can now take the built up benefits to a new home.
All those long time homeowners who have not been able to buy a new home because of the massive property tax increases can now buy without those pesky increases. It’s definitely gonna bring more buyers into the market for SW Orlando as well as the rest of the Sunshine State and will help us get out of the crappy market that we’re in right now. For those wondering what the property tax will be with this new amendment check out the Portability Calculator below.