| 1 | Representative(s) Simmons offered the following: |
| 2 |
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| 3 | Amendment to Senate Amendment (583214) (with ballot |
| 4 | amendment) |
| 5 | On page 5, line(s) 30, to page 6, line 15, |
| 6 | remove: all of said lines, |
| 7 |
|
| 8 | and insert: |
| 9 | the lesser of $750,000 or the difference between the just value |
| 10 | and the assessed value of the prior homestead as of January 1 of |
| 11 | the year in which the prior homestead was abandoned. Thereafter, |
| 12 | the homestead shall be assessed as provided herein. |
| 13 | 2. If the just value of the new homestead is less than the |
| 14 | just value of the prior homestead as of January 1 of the year in |
| 15 | which the prior homestead was abandoned, the assessed value of |
| 16 | the new homestead shall be equal to the just value of the new |
| 17 | homestead divided by the just value of the prior homestead and |
| 18 | multiplied by the assessed value of the prior homestead. |
| 19 | However, if the difference between the just value of the new |
| 20 | homestead and the assessed value of the new homestead calculated |
| 21 | pursuant to this sub-subparagraph is greater than $750,000, the |
| 22 | assessed value of the new homestead shall be increased so that |
| 23 | the difference between the just value and the assessed value |
| 24 | equals $750,000. Thereafter, the |
| 25 |
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| 26 | ----------------------------------------------------- |
| 27 | B A L L O T A M E N D M E N T |
| 28 | On page 13, line(s) 11, to page 14, line 2, |
| 29 | remove: all of said lines, |
| 30 |
|
| 31 | and insert: |
| 32 | homestead property owners to transfer up to $750,000 of their |
| 33 | Save-Our-Homes benefits to their next homestead. With respect to |
| 34 | nonhomestead property, this revision (3) provides a $25,000 |
| 35 | exemption for tangible personal property and (4) limits |
| 36 | assessment increases for specified nonhomestead real property |
| 37 | except for school district taxes. |
| 38 | In more detail, this revision: |
| 39 | (1) Increases the homestead exemption by exempting the |
| 40 | assessed value between $50,000 and $75,000. This exemption does |
| 41 | not apply to school district taxes. |
| 42 | (2) Provides for the transfer of accumulated Save-Our- |
| 43 | Homes benefits. Homestead property owners will be able to |
| 44 | transfer their Save-Our-Homes benefit to a new homestead within |
| 45 | 1 year and not more than 2 years after relinquishing their |
| 46 | previous homestead; except, if this revision is approved by the |
| 47 | electors in January of 2008 and if the new homestead is |
| 48 | established on January 1, 2008, the previous homestead must have |
| 49 | been relinquished in 2007. If the new homestead has a higher |
| 50 | just value than the previous one, the accumulated benefit can be |
| 51 | transferred; if the new homestead has a lower just value, the |
| 52 | amount of benefit transferred will be reduced. The transferred |
| 53 | benefit may not exceed $750,000. This provision applies to all |
| 54 | taxes. |