Florida Property Tax Reform was the Top "Google" Search

My article on Property Tax Reform last week was "tops" in Google Searches for visits to my site. Over 20% of the recent readers on Real Estate Sizzle were looking for information on Property Tax Reform in Florida.  Clearly, Floridians are frustrated with the current property tax situation.  In Hillsborough County, with Tampa as the major city, annual property taxes on a  $500,000 "non-homestead" property would hover around $12,500, while the same property, with "homestead(primary residence)" exemption would be around $10,000. Values on homestead properties are currently "capped" at the purchase price, with only a 3% increase in assessed value per year. A home purchased 10 years ago, and the same home purchased today, would have vastly different annual tax bills, even if they had the same current value.  Escalating property values of the past few years have kept many homeowners "trapped" in their smaller homes because of the difference in what the taxes would be if they bought a new home, even if the new home was the same value as their existing home.  Something has to be done about the inequity of the taxes to lower the millage rate and stop "discouraging" people from buying a larger home or downsizing to a smaller home, because of the increase in taxes.

See the rest of the article AND the latest proposal from a Florida Legislator at The Real Estate Sizzle...