There are two possible ballot questions that deal with property taxes, including one that would authorize a property tax break for first-time homebuyers.
If approved by voters, the measure would limit the tax assessment cap to 5 percent on non-homestead property and commercial property, which is currently at 10 percent. The proposal would also give lawmakers the ability to limit increases on homestead property, if the market value of the home in the previous year decreased.
First time homebuyers would also be eligible for a homestead exemption worth up to $200,000 that would be phased out over a five-year period.
While some legislators said the tax cuts would strip money away from cities and counties, the bill sponsor, Rep. Chris Dorworth, R-Lake Mary, said the measure would help jumpstart the real estate market.