taxes: E-mail from Sen. Evelyn Lynn
- 11/02/07 05:24 AM
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)
taxes: Interesting letter from Rep. Domino
- 11/02/07 03:15 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)
taxes: Florida's Property Tax Cut may be off ballot
- 09/25/07 07:29 AM
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)
taxes: Letter from Rep. Domino
- 08/13/07 08:18 AM
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)
taxes: Save our homes article
- 07/25/07 07:10 AM
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.
taxes: Letter from Carl Domino on Portability
- 06/27/07 02:58 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)
taxes: Letter from our representative, Pat Patterson, addressing tax changes
- 06/26/07 02:09 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)
taxes: Florida Tax Reform - What does it mean to me? A look at the numbers!
- 06/18/07 03:12 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)
taxes: Tax Reform passes legislation
- 06/15/07 06:15 AM
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)
taxes: Another update from Rep. Domino
- 06/15/07 06:15 AM
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)
taxes: Save Our Homes Article
- 06/15/07 06:14 AM
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)
taxes: Quick update
- 06/15/07 06:13 AM
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)
taxes: Update from Carl Domino regarding tax changes
- 06/15/07 06:12 AM
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)
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.
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:
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