What's going on with the Tax Cut Bill?

By
Real Estate Agent with Coldwell Banker Paradise, Satellite Beach, FL

The ink in on the paper and it's time for us to vote. Taxes and insurance are major factor affecting the Real Estate market as well as the public's decision to buy or sell homes or condos. Today, Gov. Christ signed the new tax cut bill which will make the proposed cuts (approved by the House and the Senate on 10/29) law pending the approval of the citizens of Florida. This bill does not do everything we'd like to see happen but it certainly does provide the tax-payer some relief.

So what's the skinny on this law? There are four basic provisions.

  1. The homestead exemption is to be increased (school district taxes excluded)
  2. Owner of homestead properties may transfer up to $500k of their "Save-Our-Homes" benefits to their next homestead property.
  3. The transfer above included a $25,000 exepmtion for tangible personal property
  4. The law also provides some relief to non-homesteaded real property with caps on increases

For the long version, here's the offical Tax Ballot Summary.

Voters will be able to express their opinion on January 29th primaries for the Presidential Election. You'll want to keep a eye on your county or municipal taxes. It would be very convenient for these taxes to raise enough to offset the gains we receive from this new law.

For additional information on Proposed Amendments visit VoteSmartFlorida.org.

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  Joseph E. Robinson III, GRI, e-Pro Realtor®
Licensed Florida Real Estate Sales Associate
Coldwell Banker Paradise®
232 5th Ave., Indialantic, FL 32903
321-300-6876 - Mobile, Text Message
http://JosephRobinson.com
 

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