Real estate tax change proposal
 

I read the on line version of the Sun this morning and in the article about the tax issue, the following statement was made;

"Allows transfer of accumulated Save Our Homes benefits, up to $500,000. Save Our Homes is a constitutional provision that limits the annual increase in assessed value of homestead properties to no more than 3 percent. This provision applies to all taxes".

"This does not mean you could transfer the entire $500,000 cap, Gibson said. You would be allowed to transfer only an accumulated percentage of your savings, for instance, when you downsize to a smaller home from a larger home".

What does this mean?

Re: Real estate tax change proposal
 

I basiclally asked the same question posed under another post from yesterday in the Non-Villages forum titled "Amendment #1" and respondent "Village Kid" was kind enough to refer me to a Leon County web site (www.leonpa.org) which is extremely helpful albeit still confusing! I'm hoping that someone with a lot more knowledge than I will be able to explain in laymans terms the exact meaning of your quote from the Sun. Any takers???