Stop! This FLorida Property Tax Reform Is Not Ready Yet
November 2nd, 2007 Categories: Volusia County Taxes
Again, lawmakers have done nothing to solve the Florida tax problem they created! The Florida House and Senate should have stayed home!!! They slapped together a plan worse than its predecessor and doesnt fix a damn thing!
Now, its up to voters on January 29th to decide on the latest misguided attempts at solving the FLorida property tax dilemma!
WHAT DOES THE PROPOSAL SAY?
- The $25000 homestead exemption would increase to about $40000. This gives the average homeowner a $240 tax break. WOW!!!! The exemption is really $50,000 but the additional $25,000 exemption applies to the portion of a homes value between 50K and 75K to make sure that most homes pay at least some tax. The exemption includes school taxes, hence the equivalent of a $40,000 exemption.
- The Save Our Homes 3% cap for annual increases on assessed valuations is still the same
- Renters and commercial properties are not affected
- In addition, the homesteaded Floridians who move within the state would have the right to carry up to $500,000 in accumulated tax protection to their new home. The just value of the new homestead must be more than the previous home’s just value. According to the proposal.. “the entire differential can be transferred (up to $500,000); if the new homestead has a lower just value, the amount of the accumulated benefit that may be transferred is proportional to the value of the new homestead.” For example: If a property owner moving from a $1 million homesteaded house in Seminole County moves into a $500,000 house in Volusia County, they will have the benefit of $500,000 in valuations protected by Save our Homes — a significant reduction in property taxes Volusia would otherwise realize.
- Also, the cap assessment increase for businesses, second homes and other types of non homesteaded property to be 10% a year.
Now, my chance to tell you that this is the worst proposal I have seen! Smoke and mirrors will not solve the problem. All voters
should reject this on January 29th! Lawmakers, get real and go back and do your jobs.
Tags: Save+Our+Homes, Florida+Tax+reform, Volusia+county
This would be a great policy if it actually works out!