2007 Florida Legislature wraps up regular session today

TALLAHASSEE, Fla. – May 4, 2007 – And so it ends. This year’s regular session wraps up today, and while lawmakers could stay late, it’s just as likely that they’ll disband earlier. While the state’s high-profile real estate issue – property tax reform – has been postponed until June, a handful of real estate-related proposals moved forward yesterday.

State budget

Gov. Charlie Crist now has the state budget in his hands. While funding impacts all Floridians in different ways, two budget items specifically benefit the real estate industry. First, it appropriates money for seven new employees at the Division of Real Estate – four full-time and three part-time – which should go a long way toward improving services to Realtors. Second, more of the money generated by a portion of documentary stamp taxes for the William E. Sadowski Affordable Housing Trust Funds will be allocated to state and local programs. The state budget provides $393.4 million for housing programs – down from $433 million set aside last year but still $150 million more the cap imposed by the 2005 Legislature.

Home inspectors

A built that creates a system for regulating home inspectors is also now on the governor’s desk awaiting a signature or veto. SB 2234 requires home inspectors, mold remediators and mold assessors to be licensed by the Department of Business and Professional Regulation (DBPR).

Property insurance

A comprehensive law to reign in the skyrocketing cost of property insurance passed during January’s special session, and this session’s insurance law fine tunes some details and makes other changes. It now awaits Crist’s approval. Many of the revisions clarify provisions in HB 1A to avoid unintended consequences.

Property taxes

A comprehensive solution to high property taxes has been deferred, but a move to expand Las Vegas-style slot machines in Broward County is on its way to Crist. Officially, they’re called video lottery terminals, an electronic version that plays similarly to bingo. The move could raise as much as $1 billion for the state, which would be used for schools, lowering the property tax amount allocated to that cause. It’s unclear whether Crist will sign the bill. He’s a fan of lower property taxes but generally opposes gambling.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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