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Governor signs tax cut legislation
By SUZETTE PORTER
Article published on Thursday, June 21, 2007 |
TALLAHASSEE – Gov. Charlie Crist signed what he called “landmark legislation” on June 21, providing the “largest tax cut in Florida’s history to the property owners of our state.”
“This tax cut is your – the people’s tax cut – because you called on your legislator’s to make it happen,” Crist said in an e-mail Thursday afternoon.
The announcement came just seven days after lawmakers ended the special session on property tax reform.
Crist said that the legislation “will first roll back all property taxes to last year’s levels,” benefiting all property owners, including homesteaded property, second homes, rental and commercial property.
“Depending on where you live, you will see a tax cut of five to ten percent,” Crist said. “Statewide, the average property owner will save about $200 this year, and all property owners are expected to save approximately $15 billion over the next five years.”
The governor said that the legislation gives Floridians “the power on Jan. 29 to cut your 2008 property taxes – and beyond – even further.”
Crist said if citizens approved a constitutional amendment, homeowners would see a substantial decrease in property taxes. He said homeowners would be able to decide to keep using the current Save Our Homes cap or switch to the new “super-sized” homestead exemption.
The super-sized tax cut will exempt 75 percent of the first $200,000 of a home’s value, and 15 percent of next $300,000. At a minimum, the super homestead exemption will double your current $25,000 homestead exemption, which Crist said “is a promise I campaigned on last year.”
The governor said that other property owners also would benefit.
“Low-income seniors will see a minimum $100,000 homestead exemption. Affordable housing and working waterfronts will be taxed based on the income from the property. And businesses will receive a tax exemption on the first $25,000 of their tangible personal property,” he said.
Crist said, together the constitutional amendment will save Floridians between $10 and $15 billion over four years.
“The constitutional amendment in January gives you the opportunity to exercise your right to choose even lower property taxes,” Crist said. In this way, we can ignite Florida’s economy and create a better bottom line for Floridians – and all of Florida.
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Article published on Thursday, June 21, 2007
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