Governor’s group reviews Save Our Homes tax break, other issues
TALLAHASSEE, Fla. — Aug. 16, 2006 — Realtors and other members of Gov. Jeb Bush’s Property Tax Reform Committee met for the first time Tuesday to discuss ways to deal with property tax inequities resulting from the Save Our Homes amendment approved by voters in 1992. “We covered the basics in this meeting — what our charge is, the restrictions on what we can and can’t do, and reviewed information from the Florida Department of Revenue and the Florida Association of Counties,” says Realtor Cynthia Shelton of Lake Mary, director of investment sales for Colliers Arnold. “We’ll be meeting once a month at public meetings to be scheduled around the state. We plan to allow 30 minutes for public comment at each meeting, and we’d really like to hear from people coming forward with possible solutions to some of these issues.” Realtor Dennis Nelson of Wellington, who works with the Keyes Company, also serves on the 15-member committee. Realtors bring a lot of resources and valuable expertise to the table, says Shelton. The group’s goal is to offer recommendations to the next Florida governor and state lawmakers on how to deal with Save Our Homes and other property tax issues by Dec. 1, 2007. Bush also asked the committee to take a look at increases in local government property tax revenues. Shelton says the group should serve as a bridge between two groups — a Department of Revenue study of the same issues ordered by the Legislature and the Taxation and Budget Reform Commission that will meet for the first time in 2007, as required by the Florida Constitution. Speaking to the group, Lee County Property Appraiser Kenneth M. Wilkinson, who led the Save Our Homes campaign, said he supports the idea of allowing homeowners to take the tax break with them if they move to another home in the state, called portability, but suggests the cap be limited according to the percentage of the old home’s sale price that is represented by its taxable value. “The purpose of Save Our Homes was to provide a safety net,” Wilkinson said. “I can’t imagine what it would be like in our state today if we were without it.” Save Our Homes limits annual increases in assessed value of homesteads — homes lived in by their owners — to 3 percent or the percentage growth in the Consumer Price Index, whichever is less. As a result, it has shifted more of the tax burden to owners of newly purchased homes, second homes and businesses. Another issue: recent homebuyers pay more in tax than owners who have lived in homes of equal market value for a longer time. Some residents are afraid to move because they will lose their accumulated Save Our Tax benefit. “From my perspective, as a Realtor, a business person and a homeowner, I’ve benefited from Save Our Homes since I’ve lived in my home for many years,” Shelton said. “But, my being able to receive that means that someone else is bearing a bigger share of the load. Is there a way to balance the intent of Save Our Homes with what’s happening to new Florida homeowners or to those who would like to move to a different home? We’ve got to consider the potential consequences.” Legislation was introduced this year to let homeowners take the tax break with them when moving but only within the boundaries of a county. It did not pass but is likely to come up again next year. The Florida Association of Realtors (FAR) supports limited portability, provided local governments have a choice in the matter. FAR also supports allowing homeowners to move Save Our Homes tax savings to new homes when they are forced to move by the exercise of eminent domain. FAR also supports allowing homeowners to repair and replace homes damaged in casualty events without losing the Save Our Homes tax savings. ***As always, the latest in Real Estate News as it pertains to Spring Hill Real Estate, Brooksville Real Estate, Weeki Wachee Real Estate, Hernando Beach North Real Estate, Hernando Beach South Real Estate, and Hudson Beach Real Estate. - Brought to you by Hernando Luxury Homes, Your Luxury Real Estate Leader in Hernando County, Florida and Pasco County, Florida. Bookmark This Post
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About the AuthorJosh Hanoud is the #1 Top Producing Agent at Tropic Shores Realty in Spring Hill, FL and in the top 3% of all real estate agents in Hernando County, Florida (2007). He also happens to be the co-founder (along with Natalie) of the Hernando Luxury Homes website which aims to showcase the best properties that Hernando County and the surrounding Nature Coast has to offer. Whether buying, selling, relocating, or investing - Josh & Natalie are proud to offer a higher level of service. Contact them today at 352-397-5182 or Josh@HernandoLuxuryHomes.com to see what they can do for you.View other posts by Josh Similar PostsBuyer Search RequestDeal of the Day
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