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I <br />RESOLUTION NO, 2011- 014 <br />A RESOLUTION BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, IN OPPOSITION TO <br />INCREASING DISCOUNT RATES FOR EARLY PAYMENT OF <br />PROPERTY TAXES CONTAINED IN SENATE BILL 270 AND <br />HOUSE BILL 511 <br />WHEREAS, currently, 197.162 F.S. provides a 4% discount to <br />property owners who pay their property taxes in full by November 30, <br />a 3% discount if the taxes are paid by December 31, a 2% discount if <br />the taxes are paid by January 31 and a 1% discount if the taxes are <br />paid by February 28; and <br />WHEREAS, Senate Bill 270 proposes to amend 197.162 F.S. to <br />provide for a 100% increase in the discount rates for early payment <br />of property taxes as follows: an 8% discount to property owners who <br />pay their property taxes in full by November 30, a 6% discount if the <br />taxes are paid by December 31, a 4% discount if the taxes are paid by <br />January 31 and a 2% discount if the taxes are paid by February 28; <br />and <br />WHEREAS, 197.222 F.S. also provides discounts for early payment <br />of taxes by property owners who pay their estimated taxes by the <br />installment method as follows: a 6% discount to property owners who <br />pay one quarter of their estimated property taxes by June 30, a 4.5% <br />discount if the second installment of taxes is paid by September 30 <br />and a 3 % discount if the third installment of taxes is paid by <br />December 31; and <br />WHEREAS, Senate Bill 270 also proposes to amend 197.222 F.S. to <br />increase the discounts for early payment of taxes by property owners <br />who pay their estimated taxes by the installment method as follows: a <br />12% discount to property owners who pay one quarter of their <br />estimated property taxes by June 30, a 9% discount if the second <br />installment of taxes is paid by September 30, a 6 % discount if the <br />third installment taxes is paid by December 31; and <br />WHEREAS, Senate Bill 270 also proposes to amend 200.065 F.S. to <br />lower the percentage of certified taxable value to be used by taxing <br />authorities in preparing tentative budgets from 95% to 91%; and <br />WHEREAS, House Bill 511 also proposes to amend 197.162 F.S. to <br />increase the discount rate for early tax payments to provide for a <br />10% discount for payments received by November 30 but eliminates all <br />other discounts; and <br />1 <br />