1. Presentation on the Impacts of Amendment 1 Passed January 29, 2008
Senate Finance and Tax
February 10, 2009

2. Amendment 1 Assessment Increase Limitation for Non- Homestead Property
Portability
Additional Homestead Exemption for Non- School levies
$25,000 Exemption for Tangible Personal Property

3. Assessment Limitation for Non-Homestead Properties
Ten Percent Limitation
Ten year sunset
January 1, 2008
Base year for limitation
No impact in first year
Impacts will first be seen in 2009 property valuations

4. Portability
Allowed Homesteads to transfer Save Our Homes differential to newly acquired homestead
In 2008 – 42,647 transfers occurred
Impact - $3.4 B reduction in Taxable Value
REC Estimated Impact
$11.6 B reduction in Taxable Value
69% of transfers occurred within same county
Average transfer - $79,640
448 from Broward to Palm Beach

5. $25,000 Additional Homestead Exemption
Applied to non-school levies
Applied to assessments above $50,000
Impact of Exemption - $ Billion Taxable Value
REC Estimate of Impact - $ Billion Taxable Value

6. $25,000 Additional Homestead Exemption (Cont.)
Just over 1 Million Homesteads (1,007,959) fell within $50,000 to $75,000 Assessed Value range
Out of 4.5 Million homesteads
Additional 447,309 Homesteads are valued below $50,000 Assessed Value
There are 81,963 Homesteads below $25,000 Assessed Value

7. Tangible Personal Property $25,000 Exemption
Created Exemption for Tangible Personal Property
Impact - $7.9 Billion Taxable Value
REC Estimated Impact - $ Billion TV
Number of Taxpayers Totally Exempt
2007 – 51,031
2008 – 828,518