Legislature Seeks To Protect Homesteads Acquired by Eminent Domain
Posted on 05 | 2 | 2007
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The Florida Legislature is considering expanded statutory protection for homestead property acquired by government agencies through eminent domain.
The bill, if enacted, would require a condemning authority to separately determine, and a jury to consider as a component of full compensation, the present value of the future tax benefits provided under Section 4(c), Article VII of the State Constitution. Commonly known as the “Save Our Homes Cap” this amendment provides Florida homeowners with substantial protections and savings from rapidly increasing property assessments and taxes. At least one Florida circuit court judge has held that this benefit is compensable as a component of the constitutional requirement of full compensation. The proposed bill would provide statutory assurance that a homeowner does not lose this constitutional “Save Our Homes” benefit due to a government taking of their homestead property.
The bill, if enacted, would require a condemning authority to separately determine, and a jury to consider as a component of full compensation, the present value of the future tax benefits provided under Section 4(c), Article VII of the State Constitution. Commonly known as the “Save Our Homes Cap” this amendment provides Florida homeowners with substantial protections and savings from rapidly increasing property assessments and taxes. At least one Florida circuit court judge has held that this benefit is compensable as a component of the constitutional requirement of full compensation. The proposed bill would provide statutory assurance that a homeowner does not lose this constitutional “Save Our Homes” benefit due to a government taking of their homestead property.
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