June 23, 2017

 

‘Tax Cap for Non-Homestead Properties’

 

By James D. York, P.A.

 

Back in 2008, Amendment 1 to the state constitution was approved by Florida voters. It put a 10 percent annual cap on property taxes for all non-homestead properties in the state, effective for ten years. (As defined by Florida law, non-homestead property is any property not used as a residence or vacation home—vacant land, for example.) So, unless the amendment is renewed in the 2018 general election, it will expire on January 1, 2019.

 

A new bill, HJR 21, sponsored by Rep. Colleen Burton, R-Lakeland, will give voters the opportunity to make the tax cap permanent. The Senate has also proposed CS/SJR 76, filed in November 2016, “Proposing an amendment to the State Constitution to remove a future repeal of provisions in Section 4 of Article VII that limit the amount of annual increases in assessments, except for school district levies, of specified nonhomestead real property, etc.”  The joint resolution must be passed by three-fifths of each house of the Legislature before it goes up for vote; then, at least 60 percent of voters must approve for it to pass.

 

This sounds like a good thing for all of us. Just give us a call if you have any questions or concerns about how this might affect your property.

 

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit The York’s Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the York’s invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.