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florida: Foreclosure liability - 06/06/08 09:29 AM
I had an interesting conversation yesterday with a seller. The seller owns property in Florida which was purchased as an investment. The property's just value according to the property appraiser is about $225,000. The owner owes over $400,000. The proeprty has been listed for some time and I was discussing the possible opportunity of a short sale. The seller's intent was to allow the bank to foreclose with the expectation that she would be finished with it. Unfortunately, she didn't understand that the bank has rights beyond the mortgage. Specifically, that the bank has the right to come after a seller … (1 comments)
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florida: E-mail from Sen. Evelyn Lynn - 11/02/07 12:24 PM
I appreciate you taking the time to contact me regarding the rising cost of property taxes in our state. The legislature has just completed the final version of legislation that, if the courts approve, will be a Constitutional Amendment on the January 29th ballot. There are five parts to this legislation which are as follows:
Portability - when a homeowner moves into a more valuable home, the entire savings they receive under Save Our Homes is transferred to their new home. If the new home is less valuable, the transferred savings will be proportional to the value of the new home.
2. Double … (0 comments)
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florida: Interesting letter from Rep. Domino - 11/02/07 10:15 AM
Save Our Homes (SOH) Portability Update!
I would like to thank each and everyone of you for your support. We have come a long way, since four years ago, when I first filed the portability legislation. Last Monday all of our hard work paid off and both the House and Senate overwhelmingly supported and voted for portability. Even some legislators who voted against the overall tax package were quoted as saying that they did so because it did not provide enough relief.
Locally, Senator Jeff Atwater and Senator Ken Pruitt as well as Democrat Senators Bullard, Deutch and Aronberg supported portability. In the House, Democrat Representatives Brandenburg, Vana, Sachs, … (2 comments)
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florida: Another new Tax Solution - 10/21/07 08:33 AM
I just got this message from FAR. This seems like a more comprehensive solution that originally put forward. I think it's a good idea to limit commercial property. The difference between the 3% cap and the 5% cap still leads to an exponential function which will increase prices for non-homesteaded property but at a much slower pace.
Dear Florida Realtors:For over a year now you have been advocating for property tax reform that is comprehensive and not just a simple tax cut. Your message has been clearly delivered to the legislature that reform needs to address all property types - not … (1 comments)
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florida: Florida's Property Tax Cut may be off ballot - 09/25/07 02:29 PM
Today's news that the new property tax reduction may be off the ballot is unfortunate for those in the real estate industry and for those who are trying to sell property in the State. This adjustment is disapointing as it leave the so called Save Our Homes Ammendment (FL Ammendment 10) in full force. That will, of course, cause continued inequities for residential homeowners while disproporionately effecting businesses, second home owners, and renters. While this portion of the legislation would not have fixed the problem in the first few years, it would have helped over the long haul by very slowly elimintaing … (6 comments)
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florida: Letter from Rep. Domino - 08/13/07 03:18 PM
This letter was sent to me from Carl Domino. It includes his comments in the e-mail followed by the body of the letter he sent to Rep. Rubio. I post for your information only. Any thoughts are appreciated.
SOH PORTABILITY UPDATE! Current events in the financial markets, particularly the freezing of the sub-prime lending market, make SOH portability more imperative. Attached is a letter which was sent to House leadership requesting that they take up the issue in September's Special Session. Meanwhile, the Special Tax Commission, which is empowered to suggest changes to the constitution, is also considering portability. A … (0 comments)
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florida: Save our homes article - 07/25/07 02:10 PM
The link below goes to a fantastic article about the Save Our Homes ammendment. They include links to all of the Central Florida property appraiser's websites, an analysis of the median savings by zip code, and a review of how it effects different people. Have a look below at Ron Rice's information. I thought that was a great graphic.
http://www.orlandosentinel.com/business/orl-special-saveourhomes-sg,0,6529915.storygallery?coll=orl_tab01_layout
… (2 comments)
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florida: Letter from Carl Domino on Portability - 06/27/07 09:58 AM
I wanted to forward this letter that was sent to me by Rep. Carl Domino on Portability. I think it's very interesting but I'm not a supporter. I think the portability bill could help our residential real estate market, and I know we all need that. Unfortunately, I think it would have too negative an impact on our local government and on commercial property. I welcome comments.
His e-mail:
SAVE OUR HOMES (SOH) PORTABILITY UPDATE! I was gratified to read in today's news, that Carlos Lacasa, who sits on the State Taxation and Budget Control Committee, believes that my SOH Portability concept should be placed … (0 comments)
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florida: Letter from our representative, Pat Patterson, addressing tax changes - 06/26/07 09:09 AM
I'm publishing this letter directly from the e-mail that was sent to me.
From the desk of State Representative Pat Patterson:Dear Neighbor,Over the course of the past six months, you and numerous other like-minded citizens wrote to me to express your views on potential changes to Florida's property tax system. By now you have probably read or heard that my colleagues in the Florida House of Representatives and I passed comprehensive property tax reform last week during a special session of the legislature. Since you were thoughtful enough to contact me with your suggestions, concerns and much-appreciated advice, I thought I would take … (5 comments)
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florida: Florida Tax Reform - What does it mean to me? A look at the numbers! - 06/18/07 10:12 PM
Florida Tax Reform - What does it mean to me? A look at the numbers!
Overview
In the State of Florida most municipalities derive most or all of their income from property taxes. Property taxes in the State are determined based on a percentage (millage rate) of the total property value. Each taxing district establishes a millage rate. Taxing districts range by area but typically include the County, City, hospital, and schools as the major expenses. Other taxing districts may include water management, inland navigation, mosquito control, etc.
While the taxing districts are determining their millage rate, the County's Property Appraiser is … (6 comments)
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florida: Buying and selling a home "as-is" - 06/16/07 01:18 PM
Buying and Selling "As-Is"
I recently overheard a person who is buying a home state that they would never want to buy a home "As-Is". While I understand the concerns, I suggest that a home buyer or seller should review the contracts and work with appropriate professionals. I've come to realize that this is one of the most confusing points that exist in Florida real estate. I've heard buyers, sellers, experienced real estate professionals, and even attorneys misstate the benefits and woes of the "As-Is" contract. I'll try to simplify this very confusing concept and hopefully reduce some unneeded stress.
One important … (3 comments)
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John Adams
Ormond Beach,
FL
More about me…
Adams, Cameron & Co. Realtors
Office Phone: (386) 253-8044
Email Me
This blog is intended to update people who are interested in buying and selling homes, condos, or other real estate in the Volusia and Flagler market. While it is called Real Estate in Daytona Beach Area we will address statistics ranging from New Smyrna to Palm Coast and west to include Deland, Deltona, etc. I will also cover topics regarding investing in residential and commercial real estate. I encourage comments from everyone and am very interested in feedback and opinions.
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