amber hughes legislative advocate amendment 4: how will it affect cities? john thomas director of...
TRANSCRIPT
Amber HughesLegislative Advocate
AMENDMENT 4:How Will It Affect Cities?
John ThomasDirector of Communications
and Political Initiatives
CS/CS/CS/CS/CS/HJR 381
Senate Vote 5/4/11
25 Yeas 12 NaysSJR 658
Sponsored by Sen. Fasano
House Vote 5/2/11
105 Yeas 11 NaysHJR 381
Sponsored by Rep. Dorworth
The Basics…
• Requires 60% of Voter Approval
• The provision of the amendment will take effect upon passage, except the first time homesteader exemption that will take effect on January 1, 2013 and be available for properties purchased after January 1, 2012 .
Three primary elements:
• Non-homestead Assessment Cap - from 10% to 5%.
• First-time Homesteader exemption – 50% of value phased-out over five years.
• Anti- Recapture -so that assessed value does not go up by CPI or 3%, if just value drops.
Non-Homestead Assessment Cap
• Reduces the annual growth in assessment limitation on most non-homestead property from 10 percent to 5 percent.
• The January 1, 2019 sunset of the non-homestead assessment limitation is extended to 2023.
First-Time Homesteader Exemption
• New homestead exemption for “first-time homesteaders”- individuals who have not received a homestead exemption in the past three years.
• Additional homestead exemption is 50 percent of the median just value for property up to the median just value for the county.
• The exemption is reduced each succeeding year by 20 percent of the initial exemption for five years.
Recapture
• Allow the Legislature by general law to prohibit increases in the assessed value of a homestead property and certain non-homestead property, if the just value of the property decreases.
• Anti-Recapture so that assessed value does not go up by CPI or 3%, if just value drops
• Only the Save Our Homes Anti-Recapture change affects Schools.
Estimated Taxable Value Impacts ($M)
Fiscal Year1st Time
Homesteaders5% NHS Cap
Anti-Recapture* Homestead
Anti- Recapture*
Non-Homestead
Taxable Value Impacts
2013-14 (3,304.0) (7,545.0) (4,880.7) (1,301.1) (17,030.8)
2014-15 (5,077.4) (14,881.5) (7,994.5) (3,075.8) (31,029.3)
2015-16 (7,124.0) (22,299.5) (10,028.4) (3,783.9) (43,235.8)
2016-17 (9,359.8) (36,803.7) (12,363.1) (4,660.6) (63,187.2)
*Anti- Recapture Provision Requires Legislative Implementation
Estimated Tax Impacts ($M)
FY1st Time
Homesteaders
5% NHS CapAnti-
Recapture* Homestead
Anti- Recapture*
Non-Homestead
Total Impacts
2013-14 (35.5)
(82.8)
(54.6)
(14.3)
(187.2)
2014-15
(54.6)
(163.3)
(89.4)
(33.8)
(341.1)
2015-16
(76.6)
(244.8)
(111.9)
(41.5)
(474.8)
2016-17
(100.7)
(404.0)
(137.3)
(51.2)
(693.2)
4 Yr. Total
(267.4)
(894.9)
(393.1)
(140.8)
(1,696.2)*Anti- Recapture Provision Requires Legislative Implementation
Tax impacts by Type of Jurisdiction ($M)
FY Counties Cities Indep.Districts
Non-School Tax Impact
2013-14 (112.9) (49.3) (25.0) (187.2)
2014-15 (205.3) (90.2) (45.5) (341.1)
2015-16 (286.0) (125.3) (63.4) (474.8)
2016-17 (417.6) (182.9) (92.7) (693.2)
4 Yr. Total (1,021.8) (447.7) (226.6) (1,696.2)
AMENDMENT 4Unfair. Unbalanced. Unworkable.
To learn more, visit http://www.floridaleagueofcities.com/News.aspx?CNID=9072
Questions & Contact Information
Amber HughesLegislative Advocate
Florida League of [email protected]
850.701.3621
John ThomasDirector of Communications
and Political [email protected]
850-222-9684
Jenna TitcombCommunication Coordinator
Florida League of [email protected]
850.701.3674