"Save our Homes" was proposed in the late 80's and passed by the voters in 1992.  It was a great plan for the time, but it's not a realistic plan anymore.  One simple fact is that you could buy an above-average home for $100,000 and a nice starter home in an average / good neighborhood for about $50-60,000.   In 2007, NAR reports an average home price of about $215,000.

So a $25,000 (non-taxable amount) homestead exemption with a 3% cap on how much your taxes could go up was a great deal, and a GREAT plan for 1992.

Fast forward 15 years and the $25,000 homestead exemptions only accounts for about an 11% discount on non-taxable savings where before it was anywhere between 25-50% tax savings in 1992 on what you were taxed on.   If you bought a smaller home in the 25k bracket, you could easily have a tax bill near next to nothing for the lower and middle class.

Combine all of this with the very modest income increases we've seen in FL wages and out of sight housing prices and people JUST can't afford it.

Marco has suggested a State Tax (in which MOST states already have) that would hold the other 20% of the people here enjoying all of the Florida benefits footing the bill as much as the Floridians paying property taxes. 

Do you know how many snow-birds live in their RV in the winter months, play golf here, and go "home" in the summer where they pay the State Tax, Even higher Real Estate Taxes in most cases an the cost of living is even higher?  Far more than you would imagine.  I can tell you this, we regularly go "RV'ing" and we are hard pressed to get a camp site, or even a good one when we do and the place is LOADED with out-of state TAGS!  We are very friendly social people, and I talk to most of these people that tell me they DON'T own Florida Real Estate.  I feel that if the "other things they buy, and golf green fees, etc" are taxed everyone will pay their fair share of taxes for the benefits of sunny Florida, not just the Natives Born and raised here... with NO intention of leaving, LIKE ME!

Again my biggest question for these state legislatures are "where is the money?"!...it's somewhere, I can guarantee that, just NOT where it should be.

Katrina Madewell, Tampa Florida Realtor looking out for homeowners and all of my clients! Phone (813) 235-9889

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The new super exemption proposed goes before the voters on January of 2008.  If you have not already checked out this exepmtion you can do so on Hillsborough County Tax Collectors website Choose your Parcel ID (search by name) and then click on the SUPER EXEMPTION Button.  

Here is an example http://camaweb.customcama.com/superhx/hillsboroughfl.aspx?assessedValue=%24573%2c413&marketValue=%24573%2c413&initExemptions=%2425%2c000

Once this passes, and we are pretty sure it will (not a bad plan) The home prices in Tampa will have hit bottom and will be on their way back up.  Forbes says Tampa is set for a strong recovery and has a V Shaped economy, and rates TAMPA BAY the #1 place to buy in the US right now.

Search the Tampa MLS here:

Katrina Madewell Phone (813) 235-9889