With Florida’s 2017 Regular Session officially adjourned on May 8, 2017, only 203 bills (of the total 1,606 general bills filed) survived both chambers of the Legislature.
From the handful of legislation that ultimately passed this year, Joint Resolution CS/HJR 21 was enacted. This resolution proposes an amendment to the State’s Constitution that would limit a local government’s authority to assess non-homestead real property for purposes of ad valorem taxation.
Under Florida’s Constitution, ad valorem taxation is expressly reserved to local governments. The state is prohibited from levying ad valorem taxes on real and tangible personal property.
When preparing an annual assessment, the State Constitution also generally requires that all property be assessed at just value (i.e., market value) on January 1st of each year. Thereafter, such assessments are used to calculate property taxes to fund counties, municipalities, district school boards and certain special districts.
Florida’s Existing Limitations on Assessments for Non-Homestead Property
Continue Reading Florida Voters to Consider Permanent Cap on Annual Non-Homestead Property Tax Assessments