Property Tax Reform

FAR supports the property tax reform amendment going before voters in January. It does two things to jumpstart the state’s sluggish home sales market: It provides substantial tax breaks for most first-time homebuyers, and it begins to address the “locked-in” effect felt by long-term homeowners who cannot afford to move – even to downsize – because they would be forced to pay substantially higher property taxes. But it also protects long-time homeowners by giving them the option to keep their SOH protection. The association pushed for property tax reform during the special session, is promoting passage of the amendment and will keep members updated on changes. The first step is education. “Floridians who understand the proposed constitutional amendment support the changes it brings, but understanding does not come easily for this complicated piece of legislation and a lot of misinformation is circulating,” says John Sebree, FAR’s vice president of public policy. To learn more about the legislation and find tools to promote passage, including a media release, go to floridarealtors.org – http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/index.cfm

Update: State accountants updated property tax numbers yesterday and some of proposed savings under the property tax reform legislation changed for some counties and cities. Brevard County residents, for example, will now save 9 percent rather than the 7 percent announced earlier. And other counties, such as Seminole, will save less – 5 percent rather than the 7 percent announced earlier. To see how your county or city stacks up, go to: http://dor.myflorida.com/dor/property/cofinal.pdf (To figure your tax savings, subtract the percentage in the far right column, “Majority Vote Rollback Tier,” from 100.)

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