Here's something interesting for anyone looking to move to Florida (like me with the fam, eventually) or for people already enjoying themselves there:
http://www.floridatbrc.org/pdf/CP2E2Final2.pdf
It is a PDF of proposals regarding potential changes in FL law, so if you are looking for something light to read, this is not it. Nothing humorous here, unless you choose to poke fun at it on your own (it is so dry, there is potential for just about anything to pop into your head while you read these ten pages).
My first quote to highlight in these "hysterically unimaginative" pages, "New homestead property shall be assessed at just value as of January 1st of the year following the establishment of the homestead..." (page 2). We are always trying to keep our eyes open for anything that may affect the homestead exemption in FL. ($25K is a lot of money.) Additionally, Florida's homestead exemption provides "an exemption from forced sale before and at death" and are among the most protective in the United States..." Wikipedia has a great article on this that can be read here.
We've never looked at historical properties, but I must confess that after reading everything I can get my hands on from Leesa L Finley about historical homes, I have been thinking about the possibility of going Victorian. I also have a thing for Center Hall Colonials...
On page 4, regarding historical homes, "The legislature may, by general law, for assessment purposes and subject to the provisions of this subsection, allow counties and municipalities to authorize by ordinance that historic property may be assessed solely on the basis of character or use. Such character or use assessment shall apply only to the jurisdiction adopting the ordinance..."
What does that mean? Is this going to be a good or a bad thing? I understand the character part but have been speculating about usage. Having never owned a historical home, I must confess I have no idea what the issues are, but I am intrigued because of their beauty and endless exhibition possibilities.
Page 8 is the reason why I wrote this post. Here are the three quotes that caught my attention:
"...the repeal of sales tax exemptions, which are determined not to advance or serve a public purpose, except for the current exemptions for: food; prescription drugs; health services; charitable organizations; religious organizations; residential rent, electricity and heating fuel; sales of tangible personal property purchased for resale or imported, produced, or manufactured in this state for export; sales of real property; and sales of intangible personal property."
"b. an increase of up to one percentage point to the sales and use tax rate in existence on January 6, 2009."
"c. spending reductions for other components of the state budget and revenue increases resulting from economic growth attributable to lower property taxes."
Now, maybe it is just me, but doesn't it seem like retirement friendly Florida just got a tiny bit less retirement friendly? They are raising taxes, which they have a right to do, but at a time where the markets are in a shambles and Congress is creating "new unintended consequences" as a direct result of the enactment of new laws to address foreclosures and the sub-prime melt down. I wonder how the residents are going to feel about this as the word gets out. Since they are both raising and lowering taxes at the same time, it should be interesting to see what all of this tweaking does to the economy down there. I am looking forward to November when Floridians vote on these and other proposals. Our futures are tied up in what goes on there.
Comments(6)