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Amendment 3: Little fanfare over home improvement tax break
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Editor’s note: This is one in a series of Daily News stories on issues and candidates on the Nov. 4 ballot. Today’s story concludes our series of five reports on the amendments on the ballot.
TALLAHASSEE — To coax property owners into weatherizing and using alternative energy sources for their homes, a state panel proposed a property tax exemption for this type of improvement.
The Taxation and Budget Reform Commission, which meets once every 20 years to revamp the state’s tax structure, proposed Amendment 3.
On the Nov. 4 ballot, the measure would add to the list of home improvements that couldn’t be used by property appraisers to increase the assessed value of a home.
If approved, any change or improvement made for improving a property’s resistance to wind damage couldn’t be included in the assessed value of a home.
Likewise, the installation of a renewable energy source would be exempt from property tax assessments.
“Strengthening homes against hurricane damage and investing in renewable energy is not only good public policy, it’s the right thing to do,” said Edie Ousley, spokeswoman for the Florida Home Builders Association. “With Amendment 3, Floridians can invest in both and receive a property tax break.”
The amount of the tax break would equal the increased market value of the home resulting from the storm-hardening improvements or the addition of a renewal energy resource.
The law would take effect Jan. 1.
Both homesteaded and non-homesteaded property owners could take the benefit. As a result, rental property and investment properties would be eligible.
In 2006, some 900,000 parcels across Florida had a combined assessed value of $1.8 trillion, which generated $30.4 billion in property taxes for local governments and taxing authorities.
If approved, the amendment would reduce revenue to local governments by $3.4 million during the first year as owners take advantage of the tax break.
By the third year, the amount of deferred tax revenue would top $4.2 million, with $3.6 million of that coming from wind-damage improvements such as shutters.
“Without changes in millage rates, the amendment likely will reduce ad valorem revenues that would have otherwise been due,” staff said in an analysis of the amendment’s impact.
The amendment has drawn little fanfare and is supported by a range of groups including home builders, the Florida Chamber of Commerce and local government groups.
“We support it because it will help lead to energy independence,” said Cragin Mosteller, Florida Association of Counties spokeswoman. “And in the long run, by protecting properties from hurricane damage, it will allow county revenues after a storm to be spent on other pressing needs.”
Contact Michael Peltier at mpeltier1234@comcast.net
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Vote YES on this.
#1 Posted by eaglebeak on October 29, 2008 at 9:12 a.m. (Suggest removal)
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