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<br />'. <br /> <br />Governor Crist's Tax Reform Proposal <br /> <br />The Governor outlined his proposal on January 30,2007. Comprised of four major components. <br />Result is a total decrease in taxes of $377 Million for municipalities. <br /> <br />1. Homestead Exemption - Increase from $25,000 to $50,000 <br />[$250 Million decrease] <br />Crist has since backed off and said the extra exemption would not apply to school taxes. <br />- Tampa Bay Times Editorial, 2/12/07 <br /> <br />Crist aides told lawmakers the governor want to hold a statewide election in November <br />to double the homestead exemption and spread the current Save Our homes property <br />tax cap to all seasonal, business and rental properties. Aaron Deslatte, Tallahassee <br />Democrat, 2/8/07 <br /> <br />2. Save Our Homes - Expand to allow for portability <br />[$27 Million decrease] <br /> <br />For instance, if the owner ofa $30Q,000homewiththe standard homestead exemption <br />is assessed on $175,000 of value, they could buy a $500,000 home and only be <br />assessed on $375,000 of its value. If they downsize to a $200,000 home, the <br />percentage of their savings on the old home would transfer to the new one. So they <br />would shave $67,000 off of the assessed value. This would take effect next year. - <br />Aaron Deslatte, Tallahassee Democrat, 2/27/07 <br /> <br />And, it [report by Legislature's research arm] also suggests one of the most popular <br />ideas advocated by Gov. Charlie Crist - allowing homesteaders to take their Save Our <br />homes discounts when they move - would only add to the inequity and may be <br />unconstitutional. The 223 page study released Thursday is the first broad brush <br />analysis of how the 1992 Save our Homes amendment that capped taxes for <br />homesteads has played out. - Aaron Deslatte, The news-Press, 2/16/07 <br /> <br />3. Save Our Homes - Expand to allow assessment cap (3% or CPI) for all properties <br />[$75 Million decrease] <br /> <br />This would take effect next year.. ..This would reduce revenue to cities, counties and <br />schools by almost $3 billion within 5 years, as the difference between market value of <br />property and its assessed value grew. - Aaron Deslatte, Tallahassee Democrat, 2/27/07 <br /> <br />3/9/2007 <br /> <br />Florida Property Tax Reform Legislation <br /> <br />6 <br />