Amendment 1 details
Trish Bredfield from Fidelity National Title’s excellent commercial business Group (phone 727 502 7857) sent me this very informative bit on the new Amendment 1 and how it applies to Commercial Property.
Assessment Cap for Non-Homestead Property
This
provision limits the annual growth in assessed value of non-homestead
property to 10% per year. The 10% cap will sunset after 10 years, at
which time it will be presented to voters for re-authorization. This
cap does not apply to school taxes, and goes into effect January 1, 2009.
The
cap will use a base year of 2008, which means the cap will begin
shielding properties from taxation in 2009. Residential properties of
nine (9) units or less will surrender accumulated protections at change
of ownership or control. For all other properties – residential
properties of ten or more units and business properties – the
Legislature must define by general law how the property will surrender
accumulated protections at change of ownership or control.
Tangible Personal Property Tax Exemption
The amendment also includes a $25,000 tangible personal property tax exemption. Property and business owners with less than $25,000 worth of tangible personal property will no longer have to file returns, completely removing this administrative burden. This provision takes effect retroactively to January 1, 2008.
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