Tiger Realty's Real Estate News

If you're a homeowner

• Your taxes would be capped at 1 percent of your home's assessed value beginning in 2009.
• You'll get a standard $45,000 homestead deduction and could lop off as much as 35 percent more in assessed value.

If you're a homeowner older than 65

• If your home is assessed at less than $200,000 and you make less than $35,000 per year:
• Your future property tax bill would be frozen until you sell your home.

For renters

• Your landlord's property-tax bill would be assessed at 2 percent of assessed value.
• You could receive a maximum renter's deduction on your state income tax form of $5,000.

For businesses

• Your tax bill would be capped at 3 percent of assessed value.

What's next
House Bill 1001 now moves on to the Senate, which has until Feb. 27 to act on the legislation. After that deadline, the House and Senate would iron out their differences on the bill in conference committee.

The House and Senate would then have until March 14, the last day of the legislative session, to pass a final bill. The legislation then would be eligible for the governor to sign into law or veto.

For more information visit MyManMitch.com