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Kudos For Newly-Elected Govenor Crist!!!
Posted by V.K. [Mel] Melhado P.A. on Friday, February 2nd, 2007 at 3:00pm.No matter what your party affiliation, you just have to love Charlie Crist, the newly-elected governor of Florida. In his first month, he has proposed an emergency rule legislation that would guarantee that insurers do not raise the property rates of homeowners, nor cancel policies before a law he signed that will lower rates takes effect on June 1st. Basically he is using this as a measure to prevent any company filings for rate increases for the next 60 to 90 days. That state has now taken drastic measures to lower rates, but the flip side is that the lower rates won’t come without cost because if we were to sustain catastrophic damage from a storm, homeowners could be hit with assessments that would help the state pay for any damages.
The other issue that the governor has addressed is the Homestead Exemption and the Save Our Homes 3% tax cap. Under current laws, should a homeowner decide that they would like to move within the state of Florida, they automatically loose the Homestead Exemption and more importantly the 3% tax cap. The annual taxes could triple with the new purchase, depending on the cost of the new property. Without portability, Florida homeowners are basically prisoners in their own homes.
With Mr. Crists’ new proposal, the Homestead Exemption would double from $25,000 to $50,000 and the Save Our Homes Cap would now become portable, allowing residents to freely move within the state without fear of a massive tax increase. Again, Kudos to the new governor!!!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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