Lower taxes on non-homesteaded properties

According to FAR, the Senate just approved SB 532 on a 26-11 vote and sent the bill to the House for final approval.

This is a big win for owners of businesses, second homes and non-homestead properties.
•    This bill creates a constitutional amendment that will go before voters in November 2010. It would need the approval of 60 percent of voters. The tax breaks would apply beginning in 2011.
•    It seeks to limit increases for non-school property tax assessments on ALL non-homestead property to 5 percent annually.

Get more real estate news on our website.