Real Estate Matters

On January 29th, Florida voters will have the opportunity to approve an amendment to the state's constitution that will give initial relief to the property tax crisis in Florida.  Some are saying that the amendment does not go far enough in giving tax relief, especially to non-homestead property owners, but I don't believe that this will be the final tax relief measure, just the first.  Property owners need tax relief NOW, not waiting for the legislature to present a more comprehensive package sometime in the distant future.  Our system of government is based on compromise and Amendment 1 is one example. It will allow portability to Save Our Homes property owners and it gives some relief to nonresident property owners by capping the increase in assessed value along with providing personal property tax relief.  We can't afford to wait for the perfect solution in an imperfect system.  State Senator Lisa Carlton, speaking at Sarasota's Tiger Bay Club meeting last Thursday, said that Amendment 1 will generate a 13 billion dollar tax break in Florida.  Amendment 1 will also help energize the stalled real estate market by allowing current Save Our Homes property owners to move into other homes that may more reflect their current living needs and also encourage nonresident and foreign investment into Florida real estate.

There are over four hundred regular subscribers to this blog, not only in Florida but from several states in the U.S., Canada and several countries in Europe and South America.  What do you think?  I encourage you to submit your comments regarding this very important issue facing Florida voters on January 29th so we can all share our perspectives.  Have a great week.

Bill