Vero Beach Florida homeowners will see a few hundred dollars in relief and save more if they move under a proposed constitutional amendment that would cut local property taxes by $12.5 billion over the next five years.
House and Senate members approved a proposal to double the state’s $25,000 homestead exemption and allow homeowners to take Save Our Homes benefits with them when they move, a concept referred to as portability.
Further, lawmakers agreed to expand the tax cap concept by limiting assessment increases on commercial structures, vacation homes and investment property to 10 percent a year.
But in a late-filed counter proposal, the Senate stripped other House-backed provisions affecting low-income elderly residents, first-time homebuyers and waterfront businesses.
The omissions prompted many to criticize the plan as an opportunity lost, but other saw the compromise measure as a glass half full. Allowing homeowners to take their Save Our Home savings with them, a concept known as portability, would help jumpstart the real estate, a major economic engine.
“It’s time to focus on the positives,” said Rep. Stan Mayfield, R-Vero Beach. “Portability is huge. Doubling the homestead exemption will also help.”
The Senate passed the proposal on a 35-4 vote. The House followed several hours later by approving the package on a 97-18 vote. Voters must approve any changes 29th when members of both parties also cast ballots in the state’s presidential primary.
