| 1 | The Fiscal Council recommends the following: |
| 2 |
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| 3 | Council/Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | House Joint Resolution |
| 6 | A joint resolution proposing an amendment to Section 6 of |
| 7 | Article VII and the creation of Section 26 of Article XII |
| 8 | of the State Constitution to increase the maximum |
| 9 | additional homestead exemption for low-income seniors from |
| 10 | $25,000 to $50,000 and to schedule the amendment to take |
| 11 | effect January 1, 2007, if adopted. |
| 12 |
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| 13 | Be It Resolved by the Legislature of the State of Florida: |
| 14 |
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| 15 | That the following amendment to Section 6 of Article VII |
| 16 | and the creation of Section 26 of Article XII of the State |
| 17 | Constitution are agreed to and shall be submitted to the |
| 18 | electors of this state for approval or rejection at the next |
| 19 | general election or at an earlier special election specifically |
| 20 | authorized by law for that purpose: |
| 21 | ARTICLE VII |
| 22 | FINANCE AND TAXATION |
| 23 | SECTION 6. Homestead exemptions.-- |
| 24 | (a) Every person who has the legal or equitable title to |
| 25 | real estate and maintains thereon the permanent residence of the |
| 26 | owner, or another legally or naturally dependent upon the owner, |
| 27 | shall be exempt from taxation thereon, except assessments for |
| 28 | special benefits, up to the assessed valuation of five thousand |
| 29 | dollars, upon establishment of right thereto in the manner |
| 30 | prescribed by law. The real estate may be held by legal or |
| 31 | equitable title, by the entireties, jointly, in common, as a |
| 32 | condominium, or indirectly by stock ownership or membership |
| 33 | representing the owner's or member's proprietary interest in a |
| 34 | corporation owning a fee or a leasehold initially in excess of |
| 35 | ninety-eight years. |
| 36 | (b) Not more than one exemption shall be allowed any |
| 37 | individual or family unit or with respect to any residential |
| 38 | unit. No exemption shall exceed the value of the real estate |
| 39 | assessable to the owner or, in case of ownership through stock |
| 40 | or membership in a corporation, the value of the proportion |
| 41 | which the interest in the corporation bears to the assessed |
| 42 | value of the property. |
| 43 | (c) By general law and subject to conditions specified |
| 44 | therein, the exemption shall be increased to a total of twenty- |
| 45 | five thousand dollars of the assessed value of the real estate |
| 46 | for each school district levy. By general law and subject to |
| 47 | conditions specified therein, the exemption for all other levies |
| 48 | may be increased up to an amount not exceeding ten thousand |
| 49 | dollars of the assessed value of the real estate if the owner |
| 50 | has attained age sixty-five or is totally and permanently |
| 51 | disabled and if the owner is not entitled to the exemption |
| 52 | provided in subsection (d). |
| 53 | (d) By general law and subject to conditions specified |
| 54 | therein, the exemption shall be increased to a total of the |
| 55 | following amounts of assessed value of real estate for each levy |
| 56 | other than those of school districts: fifteen thousand dollars |
| 57 | with respect to 1980 assessments; twenty thousand dollars with |
| 58 | respect to 1981 assessments; twenty-five thousand dollars with |
| 59 | respect to assessments for 1982 and each year thereafter. |
| 60 | However, such increase shall not apply with respect to any |
| 61 | assessment roll until such roll is first determined to be in |
| 62 | compliance with the provisions of section 4 by a state agency |
| 63 | designated by general law. This subsection shall stand repealed |
| 64 | on the effective date of any amendment to section 4 which |
| 65 | provides for the assessment of homestead property at a specified |
| 66 | percentage of its just value. |
| 67 | (e) By general law and subject to conditions specified |
| 68 | therein, the Legislature may provide to renters, who are |
| 69 | permanent residents, ad valorem tax relief on all ad valorem tax |
| 70 | levies. Such ad valorem tax relief shall be in the form and |
| 71 | amount established by general law. |
| 72 | (f) The legislature may, by general law, allow counties or |
| 73 | municipalities, for the purpose of their respective tax levies |
| 74 | and subject to the provisions of general law, to grant an |
| 75 | additional homestead tax exemption not exceeding fifty twenty- |
| 76 | five thousand dollars to any person who has the legal or |
| 77 | equitable title to real estate and maintains thereon the |
| 78 | permanent residence of the owner and who has attained age sixty- |
| 79 | five and whose household income, as defined by general law, does |
| 80 | not exceed twenty thousand dollars. The general law must allow |
| 81 | counties and municipalities to grant this additional exemption, |
| 82 | within the limits prescribed in this subsection, by ordinance |
| 83 | adopted in the manner prescribed by general law, and must |
| 84 | provide for the periodic adjustment of the income limitation |
| 85 | prescribed in this subsection for changes in the cost of living. |
| 86 | ARTICLE XII |
| 87 | SCHEDULE |
| 88 | SECTION 26. Increased homestead exemption.--The amendment |
| 89 | to Section 6 of Article VII increasing the maximum additional |
| 90 | amount of the homestead exemption for low-income seniors shall |
| 91 | take effect January 1, 2007. |
| 92 | BE IT FURTHER RESOLVED that the following statement be |
| 93 | placed on the ballot: |
| 94 | CONSTITUTIONAL AMENDMENT |
| 95 | ARTICLE VII, SECTION 6 |
| 96 | ARTICLE XII, SECTION 26 |
| 97 | INCREASED HOMESTEAD EXEMPTION.--Proposing amendment of the |
| 98 | State Constitution to increase the maximum additional homestead |
| 99 | exemption for low-income seniors from $25,000 to $50,000 and to |
| 100 | schedule the amendment to take effect January 1, 2007, if |
| 101 | adopted. |