Florida Real Estate Blog

Property Tax Releif

So it looks like the Gov. is going to push through a modified version of the House, so guess what no sales tax like product. But here is what we will get.

1. Roll back tax assessments to 2003-2004 level. Go find your copy (look in 2003 Income tax file).
2. Double the Homestead. That will save each homeowner $500 per year. Does not help investors. It is only on the home you live in.
3. Homeowners will be able to take their save our homes tax break with them when they move. This would be a savings of over $3,000 a year if Maggie and I bought a new home we where looking at. Big News.
4. First Time home owners will have a reduction of 25% of the taxable value of the home. That does not translate into 25% reduction in Tax so do the math.

This is not set in stone. We all will have to vote on it in November. So stay alert and please go out and vote.

It sounds pretty good but remember what they said about Home Insurance earlier this year. They allowed the Insurance companies to double our rates and said they where going to force them to role them back. Well what did they do? They reduced them 20% (best case) So you do the math. Lets say your insurance was $500 a year and they doubled it to $1,000 and then forced them to role back 20% guess what you still had a rate increase of $300. I cannot see why they are celebrating in Tallahassee over this success.