The Legislature approved a Constitutional Amendment to be placed on the January 29, 2008 ballot providing for: 1)A $25,000 exemption for tangible personal property used in business 2)Save Our Homes Portability up to $500,000 3)Additional Homestead Exemption of $25,000 for homes valued over $50,000 4)A cap of 10% in the annual increase in assessed values of non-homestead properties. Only items #1 and #2 apply to school districts.

Over the next 5 years:  Florida School Districts are projected to lose a combined total of more than $1.5 billion!  The Clay County School District is projected to lose $12.6 million! (Source: Office of Economic and Demographic Research, the Florida Legislature, Analysis)

(Over the next 5 years, the cumulative school tax impact is a loss of $12,565,463) Impact of Portability $892,7283,152,0684,313,2545,542,9116,781,150 Impact of Tangible Personal Property $25K Exemption $489,4182,098,6112,140,5312,183,4982,227,542 TOTAL$1,382,1465,250,6806,453,7867,726,4109,008,692

The savings per homeowner is expected to be about $240 per year or less than 67¢ per day

The Legislature made a verbal commitment to hold school districts “harmless” (not reduce revenue) regarding potential tax assessment shortfalls. However, there is no indication how the $1.5 billion will be replaced.

 Fall 2007 State Legislature Special Budget Reduction Session  $1 Billion in budget reductions made by State, due primarily to sales tax revenue shortfall  CCSD budget reduction resulting from Special Session of approximately $3.7 million

 Further shortfall in State funding for current fiscal year of approximately $1.6 billion expected  This shortfall not yet addressed by Legislature  For the following fiscal year, State funding shortfall of approximately $2 billion expected