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PROPERTY TAXES IN FLORIDA

By
Real Estate Agent with One Sothebys International Realty

The Florida Association of Realtors (FAR) is supporting the proposed property tax amendment coming before FLorida voters next month.  For those of us working in FLorida, this is a very big deal.  Presently, homeowners that have lived a number of years in the state can't move from their residence to another Florida residence without seeing their annual property taxes double or triple in amount.  As a result, many Floridians have simply not moved or have moved out of state rather than see their taxes jump significantly.  The proposed amendment allows for something called "portability" for these longtime Floridian homeowners, i.e. if you move within the state, the increase in the amount of property taxes you'd pay would be less than it would be now.  Additionally, the homestead exemption would double to $50,000.  This proposal is intended to jumpstart the realty industry down here. 

My question is, has anyone read the full amendment describing the way "portability" would work?  Like everything, I imagine we'd get used to it & learn to understand it.  However, right now it's very confusing & I wonder how easily the counties can implement it.  FAR is ready to embrace anything that will spur sales but is this the right proposal?  It still seems like there would be two tiers of property tax payers--full-time Floridians and everyone else (although this proposal DOES give some protection to investors against rapidly rising property taxes, unlike the present system). 

Any thoughts out there?

Posted by

 Your blingual residential real estate guide. Certified Probate Real Estate Specialist (CPRES) and Certified Distressed Property Expert (CDPE).  Serving Pembroke Pines, Fl.  and surrounding communities.   


Dalia Kibby, PA
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Jabin Norris
CENTURY 21 Anne Arnold - Holden Beach, NC
Centurion 08null, Broker/Realtor, ABR, SRS, e-Pro
Taxes have doubled here.
Dec 21, 2007 07:53 AM
DALIA KIBBY
One Sothebys International Realty - Cooper City, FL
Selling Florida Homes with Passion!

Jabin, I notice that you're from North Carolina.  That state must be full of former Floridians--everyone down here is moving or planning to move to North or South Carolina.  With population growing, I'm not surprised that taxes have doubled. 

Thanks for commenting!

 

Dec 22, 2007 12:25 PM