Amendment 1 Tax Reform Passes by 64%.

In the first of many expected steps towards reducing property tax, Florida voters overwhelmingly voted for a bill yesterday that will reduce property taxes and give homesteaders "portability". That means they can transfer their accrued "save our homes" benefit from one home to another. I anticipate that this will have a dramatic effect on our real estate market as 24% of all Charlotte County homeowners will no longer lose their reduced assessments if they buy a replacement home in Florida. The bill also increases the homestead exemption, eliminates tangibles tax for most businesses, and provides a cap on assessment increases for businesses and mobile home owners. Most lawmakers, and locals, agree the next urgent step is to implement relief for all non-homesteaders, including snowbirds. To read the story, click here. Picture: Fellow Realtor Kelley-Ann Ayers and I preparing to hit the airwaves Saturday to discuss the property tax reform amendment that was passed by 64% of the voters the following Tuesday.