Hurricane Bill Cat 4 » Health Care Reform Bill

• Hurricane Bill Cat 4

• Health Care Reform Bill
• Bill Gates House
• Bill Of Sale
• Buffalo Bills
• Bill Cosby

Tampas Property Tax Reform Bill - Changed Again!

If you read my last article on Florida 's property tax reform, um......disregard! They've changed the bill yet again. According to our legislators, this one is the last draft. In fact, they entitled the publication, "Final Property Tax Relief Package."

This one is certainly more-straight forward. Here it is in a nutshell.

1. We get to keep the "Save Our Homes Act," which means that the taxes on a homestead property cannot be raised more than 3% or the gross consumer index, whichever is lower. This protects homesteaded property owners from tax increases that could make it difficult for them to afford their homes.

2. Homestead exemption has been doubled from $25,000 to $50,000.

3. We got tax portability!! "You are free to move around the state!" If buying a more expensive home, homeowners are allowed to port the full difference of their current assessed value to just value and apply it to their new homestead. If buying a less expensive home, they will be able to apply their current ratio of assessed value to just value. They also have up to 2 years to establish that new homestead. If passed, this will be retroactive to Jan 1, 2007.

We'll get a chance to vote for this bill at the primary elections on Jan 29. To view a chart with all the facts, go to:

http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/upload/1Special_Session_D_Final.pdf

You can also watch a very clear and informative video of FAR's president explaining the bill.

http://www.floridarealtors.org/LegislativeCenter/TopInitiatives/Tax-Reform-John-Sebree.cfm

Tracy is former teacher, turned Tampa realtor who prides herself on being honest and knowledgeable. She delivers timely and applicable news and advice on all things concerning real estate.

Source: www.articlecity.com