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Propetry Tax Amendment Headed to Ballot

May 5th, 2009 by flanews

Voters will be asked whether or not first time home buyers deserve a property tax break.

Lawmakers approved a measure to put the tax reduction to a vote on the 2010 ballot. If approved first time homebuyers would receive a 25 percent discount on their property tax. A savings of a thousand dollars on a 200,000 dollar home. A Florida Home Builders Association Spokesman said the measure would help soak up the extra housing inventory and put builders back to work.

Florida Lost about 175,000 construction jobs over the last two years and we think this property tax benefit could create a real stimulus out there as it allows first time home buyers maybe go access the American dream and step off the sidelines and into the home buying market that they havent been in before, said Hart.

The proposed constitutional amendment would also cap assessment increases on businesses, rental properties and vacation homes at five percent a year.

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