Crist presents revamped Florida property tax cut

Governor Crist announced a new $6.3 billion property tax cut proposal on Tuesday and is asking lawmakers to vote on it as early as next week.

Crist’s plan would scale back the $8 billion in savings from his previous proposal that was thrown off the January 29 ballot by a Leon County judge.

The new plan will cap city and county revenues at close to their current levels and only allow counties and cities to exceed these caps with super majority votes.

Crist’s proposal will also double the current $25,000 homestead exemption to between $50,000 and $75,000.  Average homeowners will save $214 a year.

The proposal will also allow residents to carry their Save Our Homes tax savings over to a new home they purchase.  This “portability” is expected to help kick start the market by allowing existing residents to move and keep their savings.  It could potentially save homeowners $831 a year.

And finally, the proposal will help first time home buyers by giving 25% off the taxable value for a first home bought in Florida.  This will also help snowbirds buying their first vacation home in Florida.  A buyer could save $492 a year.

Democratic support will be needed for Crist to secure 75 percent approval required in both the House and Senate to put Crist’s new tax cut proposal on the January ballot. The 14 Democrats in the 40-member Senate could hold the key to the vote.