Now more than ever, as families are faced with economic challenges, we must reduce the tax burden on Florida homeowners and business property owners. I propose a set of reforms that build upon previous legislation resulting in the largest property tax cut in state history.
I support the proposed constitutional amendment sponsored by Senator Evelyn Lynn and Representative Carl Domino that encourages homeownership and enhances the tax savings provided by Amendment One. It further reduces the growth cap on non-homestead residential and commercial properties from 10 percent to 5 percent. The amendment also grants a 50 percent exemption, up to $250,000, to homeowners who previously have not owned a home in Florida.
Legislation sponsored by Senator Mike Fasano and supported in the House by Representative Marcelo Llorente protects Florida homeowners from having to pay more in taxes when market values are declining. The proposal repeals the automatic three percent increase on the assessed value of homesteads when their market values decrease. In addition, legislation sponsored by Representative Carlos Lopez-Cantera provides fairness for property owners who challenge the property appraiser's assessment of their property value.
Local governments, like state government, must be accountable in how they spend taxpayer dollars. Legislation sponsored by Senator Mike Haridopolos and Representatives Dean Cannon and Anitere Flores keeps our local governments accountable by limiting increases in local revenues to inflation and growth, based on the value of new construction. Only through super-majority votes by governing bodies can revenues increase by more than the cap.