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Florida residents with a homestead exemption are seeing their property taxes increase as their home value drops. The reason; Florida’s Homestead Exemption caps property tax increases at three percent based on inflation to help keep costs down for residents when the housing market is booming, but when the housing market is down… and there’s inflation… property taxes still rise. State Senator Mike Fasano has filed legislation to fix the problem.

“Our legislation is a joint resolution that would go before the voters, because we have to change the constitution. It would just simply say that if the value of a home goes down the taxable value will not go up,” said Fasano.

The resolution passed it’s first legislative committee today on a unanimous vote.