Jan 5, 2008 7:37 am US/Eastern
Property Tax Plans Gain Momentum
DORAL (CBS4) ―
Fed up with skyrocketing property taxes and no foreseeable solutions a grassroots group has launched a property tax reform campaign.
Fair Property Tax for All, Inc, a non-partisan, not-for profit organization, is seeking support for a constitutional amendment that would limit taxes on all properties to 1.35% of the taxable value.
On Friday, it delivered
15,000 signed petitions to the Miami-Dade County Elections Department.
In order for the amendment to be placed on the ballot in November, the group must gather 611,000 signed petitions state-wide before January 31, 2008. The group claims the
Property Tax Cap Constitutional Petition Amendment would provide an estimated $8-billion in property tax relief, or a 26-percent tax cut on average. It would also preserve the Save Our Homes tax cap and all other Homestead exemptions by applying the cap to a parcel's Taxable Value – the "Just Value" minus "Save Our Homes" and Exemptions equals Taxable Value.
The group's proposal would also limit the yearly increase to 3-percent or to the Consumer Price Index, whichever is less based on the prior year. The value of improvements and additions would be added to the market value.
The amendment would also base the exemption on the median price of single family homes and will be applied at the city or county level. Each year the exemption will change exactly in the same quantity as the market value minus the percentage of increase in taxable value.
The group says their proposal would give the same protection to all homeowners and end the inequality of neighbors with properties of the same value paying different amounts.
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