Senate Bill sb1268c1

    Florida Senate - 2006                           CS for SB 1268

    By the Committee on Community Affairs; and Senator Margolis





    578-1788-06

  1                      A bill to be entitled

  2         An act relating to the deferral of ad valorem

  3         property taxes; amending s. 197.252, F.S.;

  4         decreasing the age and increasing the income

  5         threshold required for eligibility to defer ad

  6         valorem property taxes; decreasing the maximum

  7         interest rate that may be charged on deferred

  8         ad valorem taxes; providing an effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Paragraph (b) of subsection (2) and

13  subsection (4) of section 197.252, Florida Statutes, are

14  amended to read:

15         197.252  Homestead tax deferral.--

16         (2)

17         (b)  If In the event the applicant is entitled to claim

18  the increased exemption by reason of age and residency as

19  provided in s. 196.031(3)(a), approval of such application

20  shall defer that portion of such ad valorem taxes plus non-ad

21  valorem assessments which exceeds 3 percent of the applicant's

22  household's income for the prior calendar year.  If any such

23  applicant's household income for the prior calendar year is

24  less than $10,000, or is less than the amount of the household

25  income designated for the additional homestead exemption

26  pursuant to s. 196.075 and the $12,000 if such applicant is 65

27  70 years of age or older, approval of the such application

28  shall defer such ad valorem taxes plus non-ad valorem

29  assessments in their entirety.

30         (4)  The amount of taxes, non-ad valorem assessments,

31  and interest deferred pursuant to this act shall accrue

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    Florida Senate - 2006                           CS for SB 1268
    578-1788-06




 1  interest at a rate equal to the semiannually compounded rate

 2  of one-half of 1 percent plus the average yield to maturity of

 3  the long-term fixed-income portion of the Florida Retirement

 4  System investments as of the end of the quarter preceding the

 5  date of the sale of the deferred payment tax certificates;

 6  however, the interest rate may not exceed 7 9.5 percent.

 7         Section 2.  This act shall take effect July 1, 2006.

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 9          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
10                         Senate Bill 1268

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12  The committee substitute reduces the maximum interest rate on
    deferred ad valorem taxes and non-ad valorem assessments from
13  9.5 to 7 percent.

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CODING: Words stricken are deletions; words underlined are additions.