So amendment #1 passed on election day. 64% For and 36% Against - almost 2 to 1. So what does this mean for the Florida economy and real estate market???
I would love to believe what the Florida Association of Realtors and Governor Crist have stated about this stimulating the market, but I am a realist. I do expect there to be some slight stimulation, but I don't think it will be nearly what FAR and the Governor claimed. Taxes definitely won't be dropping "like a rock" as Governor Crist was quoted last Spring. The rock may have gotten to the edge of the water, but it certainly did not sink to the bottom.
Many of the naysayers to this amendment are disappointed that it passed because they think the legislature and the Governor would be forced to go back to the drawing board. They forget that in 2006, Governor Crist specifically campaigned for many of the items in this amendment. If it got shot down by the voters, the Governor could have a clear conscience in stating that he DID deliver on his campaign promise about property taxes. And please don't expect the legislature to try for yet a 4th time to go back to the drawing board - to me that is completely unreaslistic.
I do expect for many of the local governments to raise fees and cut services. The reason being is that they want to save face. We as citizens need to contact our local officials and let them know that we will not put up with this. If they chose to blow the surplus revenue they received on frivolous spending, then they need to be held accountable and replaced with someone new.
I do think the increased homestead exemption and the portability of Save Our Homes will motivate some people to buy and sell but only slightly. People are still scared about the economy. Spring-time is coming though, so let's all hope that the market is bottoming out.
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Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
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