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Friday, Feb 27, 2015

An economic assault

TBO.com Staff
Published:   |   Updated: March 18, 2013 at 05:57 PM

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Current Florida property owners cannot afford to vote "yes" on Amendment 4 in November.

Proposed constitutional Amendment 4 is a flat-out economic assault on Florida property owners that is backed by special interest groups.

Amendment 4 would give a new homeowner an additional homestead property tax exemption of 50 percent of the appraised value of a newly purchased home when he qualifies for the homestead exemption and has not owned a Florida homesteaded property in the last three years.

Simply put, that is a $150,000 property tax exemption on a new home appraised at $300,000 in the first year of ownership.

The second through fifth years would generate additional property tax exemptions of $120,000, $90,000, $60,000 and $30,000. Multiply those exemptions by 50,000 or 100,000 homes to picture the size of this gift.

The only way the Florida counties will be able to make up for these exemptions is to increase the tax rate for each $1,000 of assessed value on all current properties.

Your current property taxes will have to increase to make up for this outrageous gift to new homeowners.

Peter Profiro

New Port Richey

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