Property Tax Reform

Property Tax Reform – SJR 2D and SB 4D

Allows portability of accumulated Save Our Homes (SOH) benefits for homeowners who move from one homestead to another.

Homeowners may transfer their SOH benefit to a new homestead anywhere in Florida within 2 years of leaving their former homesteads.

Those who sold their homes in 2007 can transfer their SOH benefit to a new homestead if they establish the new homestead by January 1, 2009.

If “upsizing” to a home of equal or greater just value, the homestead owner can transfer 100% of the SOH benefit to the new homestead, up to a $500,000 transferred benefit.

If “downsizing” to a home with a lower just value, the homestead owner can transfer a SOH benefit that protects the same percentage of value as it did the former homestead, up to a $500,000 benefit.

The transferred SOH benefit will apply to school taxes on the new homestead. Previous versions of SJR 2D exempted school tax levies from the transferred benefit.


Creates an additional homestead exemption worth $25,000, applied to value above $50,000.

This exemption does not apply to school tax levies.


Provides an assessment growth limitation of 10% for all non-homestead properties.

This assessment limitation does not apply to school tax levies.

The assessment limitation will expire in 10 years. At that time, voters will decide whether to reauthorize it.

Residential properties of nine units or less will surrender accumulated protections at change of ownership or control, as defined by general law.

For all other properties (i.e., residential properties of ten or more units and business properties), the Legislature must define by general law how the property will surrender protections when there is a “qualifying improvement” to the property. The Legislature may define by general law how the property will surrender accumulated protections at a change of ownership or control.


Creates a new Tangible Personal Property Exemption of $25,000.

This exemption applies to all tax levies.


Requires an annual appropriation to fiscally constrained counties to offset revenue reductions that result from the constitutional amendment (contained in SB 4D).


Tax reduction over the next four years:

$8.746 billion total

$6.887 billion for non-school levies

$1.859 billion for school levies


Updated as of October 29, 2007–FINAL PASSAGE