Greetings All. I am pleased to announce that the Associated Press Reports that the State Legislatures are putting together proposals that might go to voters as early as the fall. As we all know, the property tax situation has gotten completely out of control, and everyone who owns South Florida Real Estate has seen their property taxes jump sharply. Doesn't matter if you own Miami Beach Condos, Fort Lauderdale Luxury Homes, or Downtown Miami and Brickell Condos, we have all been hit by the tax increases.
The main proposal is portability, where you can take your homestead exemption tax with you to your next purchase. The homes hardest hit so far have been the Single Family homes between $400,000 and $600,000 which are typically move up buyers. Studies have shown that the proposal will only reduce state tax rolls by only 0.7 percent in 2008 and 2.4% in 2012.
Personally I believe that this is a laughable number since property values have jumped by 150% in some areas. What they are not counting on, is that if relief comes, then values will increase more since more sales will start happening. Send us your comments and opinions and ideas.
Stay tuned for our podcast, and next blog on the insurance issues in our South Florida Market. Together with high taxes, insurance rates have caused an uptick in foreclosures. If you ready to buy one and save 40% to 50%, then sign up for our weekly list of foreclosed homes and condos by visiting www.bankownedcondos.com.
Roman Pavlik.
About Me
- Roman Pavlik
- Married to Natali in 2006, two adorable dogs Pepper and Coco. Born in Czechoslovakia, grew up in Australia. College in Rhode Island. After a brief stint on the Pro Tennis Tour, moved to Florida and got into the real estate business.
