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Clearwater Real Estate News - Property Tax Amendment 5 ripped from November Ballot

Pinellas County Florida - Well all home owners, investors and others got some bad news today - Leon County Circuit Court ripped Amendment 5 off the November ballot. We still have a chance because the State will appeal the ruling and it will ultimately be decided by Florida's Supreme Court.

Govenor Crist Weigh's In on Court's Ruling

In the Florida Capital News Crist weighs in. Crist said Cooper's ruling "doesn't mean anything" because whichever side lost was certain to kick it up to the Supreme Court. "I was disappointed but not dismayed. It will be appealed - I think everybody knows that," said Crist. "I hope it stays on the ballot because I like the will of the people. I want them to weigh in. I want them to have that power because they're the boss."

The Florida Association of Realtors, which supported the amendment, decried Cooper's ruling saying "Homeownership is a fundamental right, and Floridians deserve a say on how their property is taxed," said Chuck Bonfiglio, president of the Florida Association of Realtors, in a prepared statement. "We are shocked that the court decided to deny property owners' the ability to dramatically lower their property tax rates."

We as Clearwater Realtors and home owners we are definitely planning to Vote YES for Amendment 5 Property taxes. We believe it's good for Clearwater Real Estate buyers, residents and renters because everyone should experience savings. We also believe it will help home sellers since it will make homes more affordable and more appealing to buyers who do not qualify for homestead exemptions.

Did you know that Florida property taxes have doubled over last 6 years?

Amendment 5 is proposing a sales tax 1% or less to fund education.

If approved it is predicted that Florida property owners could see 25-40% property tax deduction in 2010 if Amendment 5 had passed. This would help local Floridians across the board by sharing the cost of education with all local residents and tourists.

One of the most important things Amendment 5 will do for our clients (people buying vacation homes or invests in Clearwater Beach and the Clearwater area) is provide a 5% annual property tax cap on all non-homestead property (which was set at 10% this past February) It's important for Florida home owners to understand what's at stake.

Additional aritcles discussing Amendment 5 being removed from the ballot:

Amendment 5 creates these projected savings for Tampa Bay property owners

Hillsborough property owners = 23%,
Pinellas County property owners = 25%
Pasco property owners = 32%

Amendment 5 Property Tax Details

You can get more details on the Amendment 5 proposal at Give Me 5 Florida and the actual Amendment 5 property tax proposal. Benefits: Amendment 5 would have provided much-needed tax relief to Florida's seniors, many of whom fear losing their homes because of an inability to pay higher property taxes on a fixed income.

Amendment 5 proposal built on what Ammendment 1 already gave us:

Portability
+25K Homestead exemption
10% cap for non homestead property owners

Other articles of interest

** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **

Buyers and Sellers tell us that selecting the best Clearwater Beach real estate agents especially online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.

Click on the photos below and meet some of our clients and now friends...wed love to be YOUR choice too!

The above information and images are Copyright © 2007 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants serving Pinellas County and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.

Call us Today at (727) 710-8036 to hear more about how we can help you sell your home or buy a new one!

Posted by Clearwater Real Estate Pinellas Florida Condos & Homes for Sale- Cyndee Haydon on 08/20/2008 06:58 AM

Comments (12)

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Originally posted at: Clearwater Florida Homes Condos Real Estate: Clearwater Real Estate News - Property Tax Amendment 5 ripped from November Ballot

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12 Comments on Clearwater Real Estate News - Property Tax Amendment 5 ripped from November Ballot

AUG

2008

Cyndee - You really don't know what taxation is like until you come to Taxachusetts!

This is a very important topic Cyndee. Being in Hillsborough County, we too are looking forward to Amendment #5 passing if it's put back on the November ballot. Thanks for the links and update(s) regarding this amendment. I'll be watching to see if the Supreme Court helps us out too.

Cyndee - First off, I love the fact that you've added client testimonials to your blog. Perhaps nothing speaks greater...

Real Estate Taxes have gone through the proverbial roof in a lot of areas and that's part of the reason buying a home or affording the one you are living in... is becoming an issue. A decrease in property taxes in your area, as in many, would probably help to provide some sort of relief. With rising property taxes, gas prices, health care, etc... it's no wonder folks are hot under the collar. I'll take a gander at the specifics on the Amendment in your area, but on the surface it seems like a much needed piece of the puzzle.

I suppose it's the same all over...do you have school tax rolled into your property tax? A lot of counties do that....we don't ...but we have an additional General Excise State Tax to pay on top of Fed/State as independent contractors....ooops...where'd that come from...oh, yeah...taxes in general :)

Hi Cyndee,

Let me see if I get this right? A homeowner's property taxes are based in part (or wholly) on value, yet when values go down, property taxes to not?

That's the case in CA, my state. There is an appeal process for each homeowner, they file with 3 comparable to indicate a decline. It takes a while, but it usually happens. I'm in the process right now with several clients.

Oh, btw some of our counties have actually sent out mailers explaining an across the board recuction in taxes for those who purchased the past few years.

How things like this could happen to the folks in FL almost sounds like taxation without representation. Maybe it time for homes owners to mail their tea bags to the legislature!

AUG

2008

I heard a representative from FL Tax watch speak regarding Amendment 5 this week and they are concerned that there isn't a clear picture of the economic impact of this property tax cut.

The estimated 8 Billion in lost revenue is probably closer to 11 billion and the proposed sales tax increase is estimated to generate approx 3.3 billion. Where will the remaining lost revenue come from?

"Senate Finance and Tax Chairman Mike Haridopolos, R-Indialantic, who has been campaigning around the state against the amendment, said Friday that the differing opinions from economists showed "no one really has a handle on this."

"When the state's leading economists can't even figure out the impact, it's telling," he said. "In these uncertain times, we don't need to add another uncertain element to the mix."

http://www.sun-sentinel.com/news/local/legislature/sfl-flftax0803sbaug03,0,6414789.story

AARP has a fact sheet on Amendment 5 that bears scrutiny -

http://assets.aarp.org/www.aarp.org_/cs/misc/fla_amendment_5_factsheet.pdf

Hopefully, we will carefully consider the consequences to this amendment before voting on it.

This doesn't sound particularly fair to me. As was pointed out, it sounds almost like taxation without representation. There needs to be something done about this.

AUG

2008

Hello Cyndee!

Great post and an excellent collection of information regarding the subject. I agree with Governor Crist, it's not over yet.

Hi Cyndee, Thought I'd pay you another visit. I was talking with a friend about your post (former FL resident) he explained that FL has no income tax. That really surprised me, I guess that's why property taxes are so high?

AUG

2008

Hi Cyndee,

I am sure that the most given excuse of this is also that Florida does not have a state income tax. Which to me is nothing more than a good excuse for the government to confiscate more dollars.

AUG

2008

i am wondering where can i find filipino buyers since i am selling boracay condotel , or are there any place in USA that most filipinoes live ?

Amendment 5 was taken off the ballot because the judge thought the wording was misleading. If the wording is corrected, it can go back on the ballot.

The proposed 1% sales tax will NOT cover the deficit resulting from the tax cut from Amendment 5 and it leaves it up to the legislature to figure out how to fill the deficit. How do you think that will happen and what people/services will suffer as a result?

I don't think Amendment 5 is well-thought out. I'm in favor of looking at the big picture of Florida's economy and determining where we can make responsible changes.