Commercial real estate owners in Florida could collectively face a tax increase of several hundred million dollars unless a cap on non-homesteaded property is extended beginning next year.
Initially enacted in 2008 as part of a law that allowed for portability of Save Our Homes legislation and granted additional exemptions for homesteaded property, tax hikes on commercial and rental property and land was capped at 10% — but only for a decade. The provision in the law is scheduled for repeal on Jan. 1 or next year.
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