Taxing “Seconds” Deters Sales
The September issue’s article on second homes [“Who’s Up for Seconds?,” page 42] is very informative. However, one thing that isn’t mentioned is the negative effect of rapidly rising prices on the property tax situation.
With the increasing tax disparity of primary residences vs. second homes, due to the Save Our Homes provision of the Florida Constitution, the tax burden on second homes is becoming prohibitive for many potential buyers. The tax on a second-home property, whose just value is $400,000 will be more than $8,000 in most counties. Coupled with the coastal insurance situation, this tax could become a major deterrent to sales of second homes for Florida residents as well as out-of-state residents. This is also becoming a major problem for Florida residents wishing to move from one location to another. Harry E “Rod” Rodman Lt. Col., USAF-Retired