Property Tax Relief
Politicians are feeling the heat from Florida property owners who are fed up with escalating tax bills and are taking decisive measures to address the issue. Make no mistake about it; it would take years to address the matter had the State continued to see documentary tax revenues maintain 2005 levels. Fortunately or unfortunately depending on how you look at the issue, doc stamp revenues were down nearly 30% in the last twelve months forcing our elected officials to acknowledge their part in the factors driving real estate values in our State. Property taxes are certainly not the only cause of the correction in real estate values but certainly are a major contributing factor.
While the proposed solution to eliminate property taxes and increase sales tax on retail purchases is not perfect, it appears to be the most viable option. This change will remove a significant cloud of uncertainty from the minds of consumers and business owners deciding to stay or move to or within Florida and will help restore order to the real estate marketplace. Florida is a great place to live but we must remain competitive with other states and international destinations. I am convinced that our leaders have figured this out and the resulting action will position the State favorably in the months and years to come.
Florida will eventually get property tax and insurance relief, home prices are down 20% or so, realistic sellers are adjusting prices, plenty of homes and condos to choose from - it looks like a great time to buy.
When the committee reconvienes next Tuesday, have them take in to consideration the growth projected in 2007-08. The counties have far too long lived it up on the “growth of taxpayers for property tax” and gain in revenue for them.
In addition, in Sarasota County, the big push for voters was in the 2005-06 vote, where they called out what the increase was for–then gave everyone a pay raise with no sccount for promised expenditures. The taxpayers have learned.