Florida Property Tax Reform
There is good news out of Tallahassee Florida this morning. The House and Senate have been able to devise a plan to send to the voters on January 29th, 2008.
While the plan has many pros and cons there are provisions to provide property tax relief to not only primary residences, but also second home owners and business owners. This is something that our seasonal and vacation population has been needing for many years.
The new plan has the following provisions:
• Portability of SOH Exemption Dollars: Homesteaders could take up to $500,000 of Save Our Homes protections to a new home purchase. Those who downsize would take a pro-rated portion of their tax protections. This applies to all property taxes. This will allow people who live in Homesteaded properties the ability to move and no longer be trapped in their current homes due to the fear of tax reassessment.
• Double Homestead Exemption: Homesteaders get a second $25,000 exemption on the assessed value on the value of their homes over $50,000 giving homesteaded property owners a $50,000 exemption on their property taxes. This measure doesn't apply to school taxes.
• Tangible Personal Property Tax Exemption: Businesses get a break on the taxes they pay on equipment. This would apply to all property taxes.
• Assessment Cap for Non-Homestead Property: Property assessments could increase no more than 10 percent each year on non-homestead property. This is a tremendous victory for second home owners, real estate investors and business owners. While it is 7 percent higher than a Non-Homestead Property this is the first benefit of its kind in Florida history.
This is a gigantic leap forward for not only the citizens of the State of Florida but all of our vacationing and second home owners also.
Scott Slocum
Licensed Real Estate Consultant (REALTOR®)
Sellstate Achievers Realty Network
Licensed Mortgage Broker
Trust USA Mortgage Corp.
Primary: 239-340-1384
Scott@The-Extreme-Team.com
If you are ready to purchase or sell your property as a traditional sale, short sale, or pre foreclosure property in Fort Myers, Naples, Bonita Springs, Lehigh Acres, Cape Coral, Port Charlotte, Punta Gorda, Lee, Charlotte, and Collier County Florida, contact http://www.the-extreme-team.com/contact-team.html via phone at (239) 340-1384 online at http://www.scottslocum.info/ or e-mail mailto:Scott@The-Extreme-Team.com
"Copyright © 2007 by Scott Slocum. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed without the written consent of the author."
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