Changes in Property Tax Progressivity for Florida Homeowners after the “Save Our Homes Amendment?
AbstractThe “Save Our Homes Amendment?to Florida’s constitution limits annual increases in the taxable value of a homestead property to 3 percent or the rate of inflation (whichever is less) as long as the property is owned by the same owner. The amount of property value protected from taxation throughout the state by this amendment has grown to over $246 billion (13.9 percent of total property value) since the amendment’s implementation in 1995. This study tests whether the protection has accrued disproportionately over time among homestead property owners, the very group of people the amendment was intended to protect. The results suggest that the amendment has reduced the degree of progressivity in the state’s property tax system such that the owners of lower value home properties are shouldering an increasing proportion of the property tax burden relative to the owners of higher value homestead properties. The differential impacts of the SOHA across value ranges of homestead properties are likely attributable to differential appreciation and ownership transfers for higher and lower value homestead properties throughout the state.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal journal of Real Estate Research.
Volume (Year): 31 (2009)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Earl D. Benson & Arthur L. Schwartz, Jr., 2000. "An Examination of Vertical Equity Over Two Reassessment Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 19(3), pages 255-273.
- Earl D. Benson & Arthur L. Schwartz, Jr., 1997. "Vertical Equity in the Taxation of Single Family Homes," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 215-232.
- Clapp, John M, 1990. "A New Test for Equitable Real Estate Tax Assessment," The Journal of Real Estate Finance and Economics, Springer, vol. 3(3), pages 233-49, September.
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