This afternoon the House has approved two additional provisions in their Policy and Budget Council. The first provision would apply an assessment cap of 3% to all properties in Florida. That means that Commercial and non-Homestead properties would enjoy the same assessment cap as Homestead properties - they would not be re-assessed at full value upon sale of the property. The second provision would authorize a one penny sales tax increase to "buy-out" a portion of the property tax that is attributable to the "required local effort" (the school portion of everyone's property taxes). The school portion of our property taxes totals approximately $9 billion each year and a one penny sales tax would buy out over 1/3 of that amount. This would provide substantial tax relief to all property owners in Florida.

*From the Florida Association of Realtors

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