(Bay News 9) — Florida voters have given a thumbs up to Amendment 1.
About 65 percent of voters voted yes on the amendment. The measure required of super majority of 60 percent to pass.
The property-tax cutting constitutional amendment will double the homestead exemption for primary homes except on school taxes and provide an average tax savings of $240 a year.
It will also deliver smaller reductions for businesses, second homes and other non-homestead properties.
Plus, it will let primary homeowners take their Save Our Homes tax benefits when they move. Gov. Charlie Crist pushed for the proposal.
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Amendment 1 is projected to cost local governments more than $9 billion over five years. That includes a $1.5 billion reduction for schools.
See also:
Statistics on Housing Market
Housing Market News-Tampa, Fl
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