Florida Real Estate Blog

So we all still have a date on January 29^th 2008 to meet a the polling booth and exercise our National gift to vote. Rumor has it many of our Government folks would like even this one to fail so be prepared for a lot of misinformation over the coming months.

We will know by Wednesday 10/17 what the final package will look like once our legislators finalize the package. This is what it looks like at this time. New home buyers and those moving into the state would receive a 25% discount on their property value.

For those of us who have been house locked for the past 3 years they will introduce PORTABILITY this will allow you to take your Save Our Homes savings with you when you purchase a new home. It will work two different ways If you buy up you will take your dollar savings on to the new home. If you down size you will take your percent of savings to the smaller home and reduce your tax buy that amount.

i.e. The Orlando Sentinel 10/16/06 example stated the average home value to be $259,000 but the SOH capped it at $163,356 that is $95,644 or 37% savings. In that case you would take the $95,644 in tax savings to a new home if you where buying up. If you are down sizing you would take the 37% and reduce your new tax value by that amount.

Its not perfect buy it sounds reasonable. Now Please get out and vote.