Florida presently offers these to its residence:
- Florida has no state income tax, and a 6% state sales tax.
- Florida is one of seven states without a personal income tax.
- Florida helps keeps Property Taxes low with:
- Homestead Exemptions: 50,000 off the Asset value of Homes asset at 75,000 or more, with more exemptions for widow/er, blind, vets with military service disability of at least 10% and others
- Save Our Homes: Asset value of homestead property is limited to amount of increase the county property appraiser may assign to the lesser of 3%, or the percentage in the CPI.
Now Amendment 4 has these potential changes on investments, commerical use, non-homestead properties, and first time home buyers, that will extend through the 2022 tax year.
- For homestead properties, the proposed amendment allows the legislature by general law to prohibit an increase in the tax assessment of the homestead if the just value is less than the just value assessed the prior year, except in cases where there were changes, additions, reductions, or improvements to the property.
- For non-homestead properties, the proposed constitutional amendment limits the annual assessment increase in a year to five (5) percent (rather than 10 percent) on non-homesteaded property. The change also allows the legislature by general law to prohibit an increase in the assessment of the non-homestead property if the just value is less than the just value assessed the prior year.
- The third component allows for an additional homestead tax exemption under the conditions that the owner is entitled to the homestead exemption within one year of the property purchase, has not owned property in the three (3) previous calendar years, and has not received a homestead exemption. The additional exemption is applied to all taxing units except for school district tax levies.
What the above does, according with the respected, non-bias, watchdog group, The Florida TaxWatch,
The full report : http://www.floridataxwatch.org/research.aspx
It Caps taxes, till 2022, and this has two main economic effects.
First, they reduce uncertainty for personal and business investment, and when businesses can better estimate their costs, including property taxes, they are more likely to invest, so reducing the uncertainty of potentially large property tax increases will increase investment in both non-homestead residential and commercial property in Florida.
Secondly, property tax caps can also reward early investors and give them an advantage over later investors, which could affect investment timing decisions, by potentially moving them to earlier periods, at the expense of future investments.
So if the Federal Government can produce some economic long term certainities that its’ been unable to do the last four years, and Amendment Four is pass, it needs 60% of the vote, Florida housing and investment markets will be more attractive. It has been on a slow, but upward trend the last 16 – 18 months, would you agree this will increase interest and pricing on property?
So, if you have the means, and capable in doing so, but sitting on the fence, this is something to move you toward certainties is just under 100 days away; and, as demands and interest goes up, so will prices and interest rates one should think ?
Thanks for reading my post, challenge my thinking please. Your thoughts are important.
Remember: “Pictures without the information is never the whole and true story ~!” Realtor Ron W ..Picture being shown, are used to advertise and draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you. When you view the property and have the inspection, everything will fall into place”.
Again , Thank you for reading my post. Please leave your comments.
Ronald Wolchesky (alias Realtor Ron W)
You can Reach Realtor Ron W via email: firstname.lastname@example.org
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