Jul 9, 2008

Amendment 5: Potential 25% Property Tax Reduction

A major item of interest for east metro Orlando homeowners: on your Nov 2008 Presidential Election ballot, watch for Amendment 5 (a new tax cut proposal). If passed, this amendment would result in reduced property tax bills on average of 25% to 29% in Orange county.

If approved by 60% of Florida voters, Amendment 5 will eliminate by 2011 a portion of the public school funding lawmakers currently compel school districts to impose to qualify for state aid called the Required Local Effort (RLE). In addition, the proposal places a 5% cap on the annual assessment increases for all non-homestead properties such as businesses, second homes and rental property.

In turn, the state would be required to replace the lost tax revenue. Current proposals include a one-cent increase in the sales tax, eliminate some of the current sales tax exemptions, impose a new service tax and/or cut state spending.

Orange Co Property Appraiser

Vote Smart Florida

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