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THE GREAT PROPERTY TAX DEBATE
Posted by V.K. [Mel] Melhado P.A. on Wednesday, October 17th, 2007 at 10:43am.The great debate continues to rage on about tax reform and more especially about the portability issue within the State of Florida of Homestead Exemption and 3 percent Save Our Homes cap. The Florida governor, Charlie Crist, has been pushing the legislature to remain in session until they pass a significant reform package and they did indeed agree to extend their session.
The interesting thing is that some of them on the Democratic side might be doing some foot dragging, while claiming to be looking thoroughly at proposals. Since they are in full control they essentially could stop any reforms from happening in this session. The huge risk is that they will certainly anger voters, who have literally demanded that the legislature take action and take action now. There have been many ideas and proposals, but to date, there is nothing firmed up to bring to a vote.
The portability issue, (more specifically of the Save Our Homes cap,) is major, since most of us are feeling locked in our homes, because a move would eliminate that 3% cap and the tax implications would change drastically. There have been some who are willing to vote for it, but would limit it to port within the county. In my opinion, that is way too restrictive and the new law should allow portability anywhere within the state.
I do know one thing, if they don’t take action and do allow the session to expire, there is going to be hell to pay!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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