Melbourne Area Blog

Immediately following the special session to address Florida's budget, the legislature convened a second special session to address property tax cuts.

Highlights of the new amendment include:

1. Doubling the current $25,000 homestead exemption

2. A new 25% break on assessments for new home buyer's.

3. Portability of the tax protections of Save Our Homes for new homesteads.

4. Businesses will receive $25,000 exemption on tangible property.

This amendment should satisfy homeowner's who's concern with the first proposal was the loss of the 3% cap on taxes for homesteaded property.