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Crist Signs Property Tax-Cut Implementing Bill

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Nov 13, 2007 7:35 pm US/Eastern

Crist Signs Property Tax-Cut Implementing Bill

TALLAHASSEE (CBS4) ― On Monday, Governor Charlie Crist signed into law a bill that would implement property tax cuts if voters approve a proposed state constitutional amendment that's on the January 29th presidential primary ballot.



The amendment has four parts, including an increaed homestead exemption expected to save the average homeowner $240 a year.



It would double the existing $25,000 homestead exemption for primary homes valued at more than $50,000 but only for non-school taxes.



A "portability" provision would allow homesteaders to take existing Save Our Homes benefits along when they move.



Save Our Homes limits annual assessment increases to 3 percent but only for primary homes.



Another provision would provide businesses, second homes and rental properties with a similar cap of 10 percent.



Finally, the amendment would give businesses a $25,000 exemption on equipment and other personal property.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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