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reform: 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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reform: Tax Reform passes legislation - 06/15/07 01:15 PM
Well it finally went through. The legislature has approved the tax cuts and it will be up to the voters in January. I will be very surprised if it doesn't pass despite likely lobbying from the various unions. One nice feature that didn't look like it would make it is the option for people to stay under the Save Our Homes plan. If you'll look to one of my last posts, that was a major concern for owners of more expensive property. As Save Our Homes moves out of the picture, the tax situation will return to a more normal position. … (0 comments)
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reform: Another update from Rep. Domino - 06/15/07 01:15 PM
I just received this e-mail from Rep Domino. I think he raises some very valid points. Several are the same as my comments in the last blog entry even. While I agree with him that this bill leaves some major gaps, it does seem to move in the right direction. It will alleviate some of the pressure that SOH is putting on non-homesteaded property. While not perfect it could be a step in the right direction.-----------------------------------------------------------------SAVE OUR HOMES UPDATE!In a few hours we will commence to debate a Constitutional Amendment which will repeal Save Our Homes.This protection for our citizens will … (0 comments)
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reform: Save Our Homes Article - 06/15/07 01:14 PM
This article came out today and discusses some of the progress regarding changes to the tax issues. This new proposal sounds like progress. To summarize, 25% of the first $200,000 will be taxed and 85% of the next $300,000. So, if someone has a house that is worth $250,000 (roughly our median price), they will be taxed at:$200,000 x 25% = $50,000$ 50,000 x 85% = $42,500$50,000 + $42,500 = $92,500At a 20 mils rate, that would equate to $1,850 in tax. That is almost certainly lower than the Save Our Homes rate. The same house with a $25,000 homestead exemption … (0 comments)
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reform: Quick update - 06/15/07 01:13 PM
I just received this correction to Rep. Domino's earlier message: Since writing our last update, we have been informed that the Legislature scheduled a General Election for the Party Primary, on January 29th, 2008. Accordingly 75% will not be required to get the Constitutional measure on the ballot. In today's Property Tax joint meeting, the possibility of portability being put on the bill was raised. During the next two weeks, we will keep you informed in a timely manner on the Special Session.Carl J. Domino … (0 comments)
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reform: Update from Carl Domino regarding tax changes - 06/15/07 01:12 PM
The letter below was sent to me via e-mail from Rep. Carl Domino who is in favor of the portability issues regarding save our homes. Realistically, the solution that has been proposed has several drawbacks. It is a step in the right direction because it has the potential of ending the current cap issues. The current solution provides for exponential cost savings every year for homesteaded properties. This new solution is (to some extent) a linear cost savings. In other words, we aren't getting as far out of whack. However, it still allows homeowners to opt to remain under the old … (0 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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