[deckardc]

For you full time Florida homeowners (we know how you snowbirds feel) what do you think about the proposed tax changes on the January ballot? Would you prefer to keep the Save Our Homes cap or would you rather have the super exemption. The SOH cap is not being made portable. For those who don't know about it, here is the basic gist of what will be on the ballot:

"When voters go to the polls Jan. 29 for the presidential primary, they will also face a referendum. If passed, the measure would allow homeowners to choose between keeping the Save Our Homes provision that caps property tax increases at 3 percent annually and a new provision that would drastically increase their homestead exemption. The "super exemption" would knock off 75 percent of the first $200,000 of a home's value and 15 percent of the next $300,000."

[macguy]

Originally Posted by deckardc

For you full time Florida homeowners (we know how you snowbirds feel) what do you think about the proposed tax changes on the January ballot? Would you prefer to keep the Save Our Homes cap or would you rather have the super exemption. The SOH cap is not being made portable. For those who don't know about it, here is the basic gist of what will be on the ballot:

"When voters go to the polls Jan. 29 for the presidential primary, they will also face a referendum. If passed, the measure would allow homeowners to choose between keeping the Save Our Homes provision that caps property tax increases at 3 percent annually and a new provision that would drastically increase their homestead exemption. The "super exemption" would knock off 75 percent of the first $200,000 of a home's value and 15 percent of the next $300,000."

I am for it, it should pass easily. I would guess by at least 2 to 1.

[Dee74]

Fl should dump all homestead exemptions and tax ALL prop at a percentage of market value as TN and other states do along with a cap to some index (cpi or other) for the state on prop valuations and cap spending by counties. It would end the full time vs snowbird, investor vs owner issue forever it would also rein in county commissioners who are like kids who won the lotto on spending.
It would do wonders for the real estate business and you would not be afraid to sell your home and move to new one. I am stuck in this position right now. I can't even rent out my prop for a few years to say go to school or check out another area of the country without losing my homestead and taxes sky rocketing. If all home were taxed at a % of market value you could do all of that and still keep or sell a home when you were ready and it would be FAIR. Taxes would not rise as rapidly ( and would most likley go down over all) as everyone is paying a fair share, no ones burden more than another unless you choose a very expensive property and you can afford that choice.

[tallrick]

Why not just tax based on the initial purchase price?

[Dee74]

tallrick, you silly girl/guy! Would FL ever miss the opp to tax on any increase in value, not on your life

[tropics]

Voting Save our Homes.
I believe those who bought expensive homes and can not afford the taxes bought out of there means. For those that have two homes that is the price you pay for having a second home or vacation home.
I and many others will not vote for the super exemption.

Tropics

[macguy]

Originally Posted by tropics

Voting Save our Homes.
I believe those who bought expensive homes and can not afford the taxes bought out of there means. For those that have two homes that is the price you pay for having a second home or vacation home.
I and many others will not vote for the super exemption.

Tropics

Well, get used to it because it will pass very easily.

[tropics]

That is fine as I have the choice to keep save our homes exemption. I voiced my opion that I will not vote for super exemption. I have asked many folks around me which are mostly middle class and they feel the same way. Time will tell.
Tropics

[paradiddle]

Originally Posted by Dee74

Fl should dump all homestead exemptions and tax ALL prop at a percentage of market value as TN and other states do along with a cap to some index (cpi or other) for the state on prop valuations and cap spending by counties. It would end the full time vs snowbird, investor vs owner issue forever it would also rein in county commissioners who are like kids who won the lotto on spending.
It would do wonders for the real estate business and you would not be afraid to sell your home and move to new one. I am stuck in this position right now. I can't even rent out my prop for a few years to say go to school or check out another area of the country without losing my homestead and taxes sky rocketing. If all home were taxed at a % of market value you could do all of that and still keep or sell a home when you were ready and it would be FAIR. Taxes would not rise as rapidly ( and would most likley go down over all) as everyone is paying a fair share, no ones burden more than another unless you choose a very expensive property and you can afford that choice.

I am so with you on that. I am homesteaded but I have found that this current system to be very unfair. My neighbor across the street in his 3/2 home pays $380?? I know which way he will vote. Who would vote to raise your own tax and pay your FAIR share. I think no one is watching budget spending anyway. The politicians throw a bone with the SOH amendment cause they just want votes. They majority of the tax is paid by non-homesteaders and newer home owners. Do you think they (snowbirds) will continue to come as it becomes more ****-eyed??? NC and Tenn are becoming new places for retirees to go and some are moving from FL.

The snowbirds, investors, commercial will start to bail out as it becomes harder to justify keeping ther properties as I can see. Guess what? The budget won't go down and we will get stuck with increase anyway.

Other parts of the country don't tax like this at all. They do an assessment every 5 yrs to relevel the playing field. Not based on sale prices.
NH and MA do it that way. MA has a 2.5 cap for all owners. FL wants to give a deal to the people who use the services the most and zonk the ones who are here part-time.

[bale002]

Floridians should think carefully about the goodness of this proposal. Sometimes a cynical attitude is useful.

Can politicians propose anything good?

Can you trust them?

For those already homesteaded, the outcome of the January vote will not matter much, but going forward those of the homesteaded generation will gradually exit from the scene.

For those who bought during these recent bubble years and those contemplating buying in the next few, the outcome does matter much.

On a short-term view, for those in the latter category it certainly makes sense to vote in favor because, especially for owners of residences valued in the $200k-$300k range, the savings can be as much as half, and progressively less as values approach $500k, but still a savings.

On a long-term view, however, the goodness of the proposal is murky, especially for those who buy after it eventually passes because they will not have the option of a 3% cap.

It all boils down to trust.

Do you trust politicians to restore and maintain a non-inflationary environment in the next 10-20 years? And I mean real inflation - housing, food, energy, transport, health care and education, and not the bogus reported inflation based on lead-tainted junk imported from China.

Do you trust politicians to make reasonable budgets within the real means of local communities?

Do you trust politicians to make honest assessments in a non-inflationary, responsible-budget environment?

I do not refer to promises or even what may be written in constitutions or statutes. I am talking about what politicians, and their corporate sponsors, will actually do.

Do you trust them?

They are proposing the elimination of the 3% cap and promising a non-inflationary environment, responsible budgeting, and honest assessments.

Do you trust them?

If you buy that, then vote yes. If you don't, then act accordingly.

Do you trust them?

If the politicians are lying, then in 5-10 years, $200k-$300k could easily become a paltry sum and the super-exemption will be worth little.

Do you trust them?

In my view, now that market forces are moving in a direction that would restore rational credit allocation criteria, prices and assessments would come down, and the property tax question would correct itself, therefore there may be no need for intervention.

Do you trust them?

But we will probably see massive bail-outs, murky tinkering with the tax system, and further massive inflation going forward, even as earned incomes continue to remain relatively stagnant.

Do you trust them?

Think about it and good luck!