I hate to say “I told you so,” but there it is. The Sarasota Herald-Tribune reported today that Southwest Florida property owners are seeing their tax bills increase, despite receiving reductions in their assessed values due to the economy and the legislative machinations of the last two years. The simple fact of the matter is that by limiting increases in the value of commercial property to no more than 10% per year, the legislature eroded much of the protection afforded homeowners by the Save Our Homes Amendment.
Owners of homestead property should take heed, as the legislature now wants to give commercial property virtually the same protections enjoyed by homestead property. If that passes, the current protections in place for owners of homestead property will be essentially worthless.