Trick or Treat!
I thought you all would be interested in reading about the purposed property tax amendment. The Naples Daily News has a good article on it you might want to read. This purposed amendment will have to be voted on January 29, 2008. Homesteaded residents will have the amount of homestead exemption increased and be able to have portability under Save our Homes. People owning vacation homes will be limited to a 10% cap per year tax assessment increase.
Allowing homesteaded residents to have Save Our Homes portability will more than likely help move the real estate market. Many homesteaded residents have chosen to stay in their residences rather then buy up or down because of the tax impact that would occur.
Vacation home owners more then likely hoped for a lower cap on their taxes. In the long run, at least some cap is better than none.
Here's hoping that FL property owners don't get spooked by the proposed tax changes!
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