Latest property tax reform proposal

FAR - News & Events - Senate Democrats offer wide-ranging tax reform proposal

The Democratic proposal would flesh out [portability]. It would exempt homeowners from taxes on the difference between the values of the old and new homes – up to a maximum of $250,000 – if they move to a more expensive house. If they go to a cheaper one, they would pay no more than they did on their old house.

The portability provision would be linked to reducing Save Our Homes benefits. The annual tax limit would go to 3 percent plus inflation as measured by the Consumer Price Index, but no more than 6 percent total. The result would be higher taxes for homesteads.