Insider info on new property tax proposal...
Last night the House passed 115 to 2, the compromise tax plan. There is no indication that the Senate will reconvene on Thursday to consider the House plan. Sessions have a way of getting issues worked out so I would not be surprised. By the same token, the feelings between the two Chambers are strained over the perceived "deal breaking" last week. The House plan contains a 5% cap on assessed increases on non-homestead property. It also provides a new homestead exemption based upon 40% of the counties median home value...
Broward Median Home price is $226,366 so the Exemption would be $90,546 instead of $25,000
Palm Beach is $282,000 for an exemption amount of $112,800
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