Status of Property Tax Status of Property Tax ReformReform

May 22, 2007May 22, 2007

Property Tax ReformProperty Tax Reform

Joint Committee MeetingJoint Committee Meeting May 21May 21

Joint Committee MeetingJoint Committee Meeting June 4June 4

BCC WorksessionBCC Worksession June 5June 5

Special SessionSpecial Session June 12-22 June 12-22

Property Tax ReformProperty Tax Reform

The ProposalsThe Proposals

Governor’s ProposalGovernor’s Proposal

House’s ProposalHouse’s Proposal

Senate’s ProposalSenate’s Proposal

Revised Conceptual ProposalRevised Conceptual Proposal

Property Tax ReformProperty Tax Reform

Governor’s PlanGovernor’s PlanUp to $180.5 Million Annual Up to $180.5 Million Annual

ImpactImpact Rollback 2004Rollback 2004

Full PortabilityFull Portability

Double Homestead Double Homestead ExemptionExemption

Small Business Small Business ExemptionExemption

Property Tax ReformProperty Tax Reform

House PlanHouse Plan

$132.8 Million Annual Impact$132.8 Million Annual Impact

Rollback 2001Rollback 2001

Small Business Small Business ExemptionExemption

Eliminate Homestead Eliminate Homestead Property with Sales TaxProperty with Sales Tax

Property Tax ReformProperty Tax Reform

Senate PlanSenate Plan

$57.1 Million Annual Impact$57.1 Million Annual Impact

Rollback 2006Rollback 2006 Extra $25K Homestead Extra $25K Homestead

Exemption for First Time Exemption for First Time Home PurchaseHome Purchase

Portability with a CapPortability with a Cap Small Business ExemptionSmall Business Exemption Affordable HousingAffordable Housing

Property Tax ReformProperty Tax Reform

Revised Conceptual PlanRevised Conceptual Plan

$130 Million + Annual Impact$130 Million + Annual Impact Homesteaded PropertiesHomesteaded Properties

80% exemption for first 80% exemption for first $300,000 of just value$300,000 of just value

70% exemption for the next 70% exemption for the next $700,000 of just value$700,000 of just value

30% exemption for just 30% exemption for just value in excess of $1 value in excess of $1 millionmillion

Property Tax ReformProperty Tax Reform

Revised Conceptual PlanRevised Conceptual Plan

$130 Million + Annual Impact$130 Million + Annual Impact

Non-Homesteaded and Non-Homesteaded and Commercial PropertiesCommercial Properties Some percentage Some percentage

exemptionexemption Undefined/undetermined Undefined/undetermined

Status of Property Tax Status of Property Tax ReformReform

May 22, 2007May 22, 2007