Skyrocketing property values have produced a windfall in property taxes for many local governments here in Florida.
The rising values have also made it difficult for some to afford new homes because they cannot afford to give up the tax break they have been getting on their homestead property at their current house.
Under legislation being considered at the Capitol, homeowners would be allowed to move and take their homestead exemption with them.
Under a bill sponsored by state Rep. Carl Domino, the owner of a $200,000 home assessed at just $100,000 could transfer the tax savings to a new home.
“As long as the place you downsize to is more expensive than your taxed, assessed value, you will save under my bill."
"So it not only helps upsizing when you’ve got more kids. It definitely helps downsizing if, in your circumstance, your children have left and you want a different place.”
Dominos bill would help homeowners, but there’s a price. The legislation could cost local governments more than $1 billion a year.