Florida's Growing Tax Chasm

"Like much of South Florida, Southwest 63rd Place has seen home values skyrocket in the past few years, and it is a microcosm of the growing inequity in property taxes across the state. As home prices have climbed, newcomers and those who are ineligible for Save Our Homes -- a provision that caps increases in the assessed value of homesteaded properties of permanent residents -- are bearing a disproportionate burden."

"The current chasm in Florida property taxes dates to 1992, when voters approved a constitutional amendment called Save Our Homes. It capped increases in assessed value at 3 percent a year on homesteaded property, or permanent residences. Rental homes, second homes and commercial and industrial real estate aren't eligible for the cap."

"The measure aimed to protect homeowners from getting taxed out of their properties. But as home values have soared, the tax burden has shifted increasingly to recent buyers."