Comments on Florida Tax Reform Proposals

What if the immediate consequences of the tax is approved in January?

Florida Property Tax Reform to go on Election 29th January. Voters must by a 60% majority vote to approve the property tax reform through the Parliament and Senate, Monday 29 October were approved.

The package is trimmed down to reduce the average homeowner taxes, estimated at $ 220 per year. This is by increasing the homestead exemption to $ 50,000, carried out (but this increase is not $ 25,000including school taxes - thus, in effect, the total effective exemption only about 40,000 U.S. dollar). The general opinion is that it hardly jump start the housing market stalled, but so far it is the only choice for homeowners who in January next year. Take it or leave it. So, we take the $ 220, or about $ 20 per mont. We were promised that the taxes are "like a stone would". We analyze what will be on the ballot.

A positive determination is the portability of the "Save our homes"Protection, even when reduced to a maximum of 500,000 U.S. dollars. It will be some people to leave their homes, an upgrade or downgrade. Even with this reduction, it is undoubtedly an important factor for the market. People "trapped" in their home country for fear of losing their low-tax status is a good incentive. However, the buyers of homes, the same must be the full impact of the property to be reassessed.

The losers:

- Non-homesteaded owners, which is hardly aDifference.

- New home buyers who have to live with $ 220 savings.

- Commercial property owners, has nothing but a small tax cut.

Consolation prize: 10% annual increase cap on the assessments for non-homesteaded properties, instead of the previously approved 5% through the house. Should we add that it sounds like a ridiculous provision.

The tax reduction, if approved by voters in January, add up the roll-back to the property tax rolls previously approvedby the legislature. We all know that the cities have the power to ignore the mandate by a special majority, as some have done already.

In any case, the legislature did they promise.

Fall leaves property taxes.

Like a pebble.

November 2008 will be another day of the election, and the possibility of a new participation of the electorate is always a possibility. Perhaps tax reform will be only a first step.
In all cases, all Florida homeowners the relief they needcan get.

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