For the past couple of years, we have all been talking about the correlation between property taxes and individuals ability to afford homes along the Emerald Coast. After a couple of years of heated debate, Amendment 1 was put to a vote this week. The amendment passed overwhelmingly this week as most residents want their tax bills lowered.
The Key Points of Amendment 1 Are:
- It doubles Florida’s Homestead Exemption to $50,000 for non-school taxes. The previous exemption was $25,000
- It Provides Portability. This means that homesteaders can transfer $500,000 worth of the non-taxed value they’ve accumulated over the years to their next home.
- It does not take away the Save Our Homes Cap of