Sounds great if you own conservation land, right? Yes, but it can be used for other owners as well. Take for instance the agricultural or greenbelt land classifications. I know quite a few people who have used cows to save on taxes and it is within the law’s requirements. Some opponents are claiming the same type of “abuse” could happen with the new exemption. So, legislatures will have to determine what time frame will qualify for the tax exemptions (i.e. how long it is to remain conservation land).
Why is this important to me? I think you may be interested to know that St. Joe’s Lobbyist was instrumental in getting the Amendment on the ballot. Remember, St. Joe is the largest private landowner in Florida. I am sure there is a substantial tax benefit to St Joe, since a large part of their land in undeveloped.
While I am not advocating abuse of the law, I do think it is worth a read to see how the tax advantages can help your company.
One curtailing side effect will be the decrease in local government revenues, in times where they have already seen drastic revenue shortfalls. The most heavily affected areas will be rural areas with large open spaces.
For a full version of the Amendment, please go to http://election.dos.state.fl.us/initiatives/fulltext/pdf/12-5.pdf.
