Yesterday, the Florida Legislature passed property tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property, but it does not go as far as an earlier House proposal. To become law, the proposal must still receive 60 percent of the votes in the Jan. 29, 2008, election.

While the plan has many pros and cons there are provisions to provide property tax relief to not only primary residences, but also second home owners and business owners.  This is something that our seasonal and vacation population has been needing for many years.

The new plan has the following provisions:

• Portability of the Save Our Homes Exemption Dollars: Homesteaders could take up to $500,000 of Save Our Homes protections to a new home purchase. Those who downsize would take a pro-rated portion of their tax protections.  This applies to all property taxes.  This will allow people who live in Homesteaded properties the ability to move and no longer be trapped in their current homes due to the fear of tax reassessment.

• Double Homestead Exemption: Homesteaders get a second $25,000 exemption on the assessed value on the value of their homes over $50,000 giving homesteaded property owners a $50,000 exemption on their property taxes.  This measure doesn’t apply to school taxes.

• Tangible Personal Property Tax Exemption: Businesses get a break on the taxes they pay on equipment. This would apply to all property taxes.

• Assessment Cap for Non-Homestead Property: Property assessments could increase no more than 10 percent each year on non-homestead property.  This is a tremendous victory for second home owners, real estate investors and business owners.  While it is 7 percent higher than a Non-Homestead Property this is the first benefit of its kind in Florida history.

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Please contact me, Dan Forbes, a call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com and my blog The Real Estate ZOO.

Today’s Bradenton Herald carries an article about the so-called property tax reform bill. You can read it by clicking here.

Also read the comments to the article to which I added my own thoughts.Landlords need relief.

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I’m Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate needs.

I’m Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.

A special Florida legislative session has been called for June 12-22, 2007. The purpose of this session is to find a solution for astronomical increases in our property taxes. Between now and the session’s beginning a committee is working on a proposal. It is likely some proposal will be ready for the lawmakers when the session begins.

LET THEM HEAR FROM YOU NOW!!

Please send an email, fax, letter, or better yet make a call today!!

Find your Senator or Representative and send a message:www.FLSenate.gov and www.MyFloridaHouse.gov Tell them we want a roll back in property taxes to 2001 levels, increase the sales tax and eliminate or at least significantly reduce property taxes, plus set limits on local and state spending.

We need property tax relief.

Florida Legislative Update on the Property Tax Issue

April 26 • 10:30 P.M.
Tie breaker? With the Florida House and Senate at an impasse over the best way to provide immediate property tax relief to thousands of Florida homeowners, Gov. Charlie Crist today announced a plan he considers a reasonable compromise. His four-part program includes rolling back local property taxes for 2003 levels, with an allowance for inflation and population growth; doubling the homestead exemption to $50,000; Save Our Homes portability; a 25% property tax exemption for first-time homebuyers; and a $25,000 exemption in taxes for business equipment and other tangible personal property for businesses.

“This plan would provide immediate relief to both those who are barred from the American dream of owning their first home and those current homeowners who feel unable to move and trapped by skyrocketing property taxes,”

Governor Crist said in a press conference this afternoon. “By providing immediate relief now along with a plan for future reductions, we can reverse the trend of high property taxes and make living in Florida more affordable.”

Tell lawmakers what property tax reform legislation means to you. With the 60 day session scheduled to conclude next week, legislators need to hear that comprehensive property tax reform for commercial and residential real estate is needed NOW, during the regular session.

The House continues to push for a property tax/sales tax swap but the idea is flatly opposed in the Senate. Governor Charlie Crist recently indicated he does not support a sales tax increase, but wants more relief than what the Senate proposes.

April 25 • 10:30
Try again tomorrow. The Senate came back to the property tax reform conference committee tonight with a new offer: they’ll agree to roll back property rates to 2000-01 levels, but no deal on replacing property taxes on homestead properties with a higher state sales tax. House conferees weren’t impressed and asked the Senate for a “formal” offer. And so it goes.

Check in tomorrow for the latest in the ongoing search for meaningful property tax reform.

April 25 • 3:30 P.M.
No deal. The House and Senate remain at odds over the best way to deliver “doable” and meaningful property tax relief to Floridians. After a raucous conference committee meeting yesterday, each chamber met separately this morning to try to patch together a compromise. FAR lobbyists report little progress after either meeting. House is holding firm on its plan to abolish property taxes on primary homes in favor of a higher sales tax. The Senate wants to roll back property taxes to 2005-06 levels, double the $25,000 homestead exemption for first-time buyers and allow homeowners to transfer a portion of savings they accrue under the Save Our Homes amendment when they buy a new home. The House and Senate Conference Committee meets again at 6 pm.

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Find your Senator or Representative and send a message:
www.FLSenate.gov and www.MyFloridaHouse.gov Tell them we want a roll back in property taxes to 2001 levels, increase the sales tax and eliminate property tax, set limits on local and state spending. MORE property tax relief than currently being discussed! Send a fax! Send an email!

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Bradenton Real Estate