status of property tax reform may 22, 2007. property tax reform l joint committee meetingmay 21 l...
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Status of Property Tax Status of Property Tax ReformReform
May 22, 2007May 22, 2007
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Property Tax ReformProperty Tax Reform
Joint Committee MeetingJoint Committee Meeting May 21May 21
Joint Committee MeetingJoint Committee Meeting June 4June 4
BCC WorksessionBCC Worksession June 5June 5
Special SessionSpecial Session June 12-22 June 12-22
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Property Tax ReformProperty Tax Reform
The ProposalsThe Proposals
Governor’s ProposalGovernor’s Proposal
House’s ProposalHouse’s Proposal
Senate’s ProposalSenate’s Proposal
Revised Conceptual ProposalRevised Conceptual Proposal
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Property Tax ReformProperty Tax Reform
Governor’s PlanGovernor’s PlanUp to $180.5 Million Annual Up to $180.5 Million Annual
ImpactImpact Rollback 2004Rollback 2004
Full PortabilityFull Portability
Double Homestead Double Homestead ExemptionExemption
Small Business Small Business ExemptionExemption
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Property Tax ReformProperty Tax Reform
House PlanHouse Plan
$132.8 Million Annual Impact$132.8 Million Annual Impact
Rollback 2001Rollback 2001
Small Business Small Business ExemptionExemption
Eliminate Homestead Eliminate Homestead Property with Sales TaxProperty with Sales Tax
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Property Tax ReformProperty Tax Reform
Senate PlanSenate Plan
$57.1 Million Annual Impact$57.1 Million Annual Impact
Rollback 2006Rollback 2006 Extra $25K Homestead Extra $25K Homestead
Exemption for First Time Exemption for First Time Home PurchaseHome Purchase
Portability with a CapPortability with a Cap Small Business ExemptionSmall Business Exemption Affordable HousingAffordable Housing
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Property Tax ReformProperty Tax Reform
Revised Conceptual PlanRevised Conceptual Plan
$130 Million + Annual Impact$130 Million + Annual Impact Homesteaded PropertiesHomesteaded Properties
80% exemption for first 80% exemption for first $300,000 of just value$300,000 of just value
70% exemption for the next 70% exemption for the next $700,000 of just value$700,000 of just value
30% exemption for just 30% exemption for just value in excess of $1 value in excess of $1 millionmillion
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Property Tax ReformProperty Tax Reform
Revised Conceptual PlanRevised Conceptual Plan
$130 Million + Annual Impact$130 Million + Annual Impact
Non-Homesteaded and Non-Homesteaded and Commercial PropertiesCommercial Properties Some percentage Some percentage
exemptionexemption Undefined/undetermined Undefined/undetermined
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Status of Property Tax Status of Property Tax ReformReform
May 22, 2007May 22, 2007