Real Estate Matters

* Gets Floridians moving. Amendment 1 allows homesteaders to transfer a substantial portion of their Save Our Homes tax credits to a new home. It's estimated that about 94% of Floridians could transfer ALL their savings to their next home. People who have feel trapped in their homes - unable to size up or scale down - can now afford to sell.

* Cuts taxes and expands the Save Our Homes homestead exemption for the first time since 1980. Plus, Save Our Homes doesn't go away or phase out.

* Exempts approximately 1 million small businesses, including real estate firms, from the state's tangible personal property (TPP) tax owed on business equipment and computer purchases. Savings to small business owners: about $500 a year and a lot of hassle filing the TPP return.

* Provides an incentive to out-of-state investors to buy second- and vacation homes by capping property assessments at 10 percent annually. Doesn't sound like much of a tax cap? Consider this: currently, there is NO cap on assessments, which is why prospective vacation homeowners in the Midwest and Northeast are investing in real estate elsewhere.

* Jumpstarts the housing market, the economic engine of the Florida economy.

* Gets property tax reform rolling, allowing legislators to focus on additional relief during the 2008 legislative session. Is it enough? Certainly not, but it's the ONLY property tax reform amendment going before voters on Tuesday. A vote in favor of Amendment 1 sends a strong message to the Florida Legislature that the people who have chosen to call Florida home expect additional tax relief during the 2008 legislative session.

 


Posted by Bill Geller on January 28th, 2008 11:47 AMPost a Comment (0)

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Bill Geller was the
2009 President of the
Sarasota Association of Realtors.

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