Florida Homestead Exemptions Indexed (2008)

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The Florida Homestead Exemptions Indexed did not appear on the November 4, 2008 statewide ballot in Florida as an initiated constitutional amendment. The measure would have indexed the $25,000 homestead exemption from property taxes, phased out "Save Our Homes" (10% per year over 10 years), allowed full portability of SOH during the phase-out period, and removed the homestead exemption from V flood zones (beachfront areas with high wind and flood risk.[1]

Ballot summary

The measure's official ballot title was:

Homestead Exceptions shall be indexed, removed from Flood V Zones and Save our Homes repealed.

The measure's official ballot summary was:

Beginning in 2007, or the year after the property tax exemption was enacted, homestead shall be indexed. "Save our Homes" assessment cap shall be phased out over 10 years. Residual "SOH" cap shall be fully portable only during phase out period. Flood V Zones property shall not be available for property tax homestead exemptions. Properties in Flood A Zones shall have annual exemption increases limited by 1/2 index.

Support

This initative was sponsored by the Hurricane Insurance Creation PAC. Supporters of the measure argue that the "Save Our Homes" amendment passed in 1992 fuels high volatility in home prices and forces non-coastal residents of Florida to subsidize oceanfront living.

"Save Our Homes" limits the annual increase in the assessments of homestead property to 3%, or the increase in inflation, whichever is less. But as critics of "Save Our Homes" point out, it is not a tax limit, but a tax shift. Since it does not control millage rates, the effect has been a shifting of the tax burden to property not subject to the limit: businesses, renters, and second homeowners.

Thay also argued that since the limit is on the percentage increase of assessments, high-priced homes with escalating values profit the most. And those who want to move to another house can face huge tax increases, because the new home will initially be assessed at full value.[2]

Opposition

None found.

Status

The initiative was approved for circulation by the Florida Secretary of State. To be placed on the November 2008 ballot, 611,009 valid signatures needed to be submitted by January 25, 2008. In Florida, signatures are only valid for up to four years, however, the initiative can be circulated indefinitely. This measure did not make the ballot.

See also

Related measures

Measures sponsored by Hurricane Insurance Creation:

External links

References