An outcry for lower property taxes stems in part from homeowners disputing county assessments. Since January, when government appraisers last made assessments, the housing market has bombed and slumping home values may drop more. A flawed system needs correcting, quickly, and political factors are driving the legislative rush to get something to voters.

Last month a judge squashed a proposed amendment rammed through the Legislature in June that would have given homeowners the option to utilize a “super-exemption.” The judge ruled it did not tell voters the amendment would phase out the popular “Save Our Homes” program. Passed in 1992, Save Our Homes limits annual increases in taxable property values to the cost of living or 3 percent, whichever is less.

The newest package legislation passed through the House Government Efficiency and Accountability Council earlier this month. The reform package centers around doubling the homestead exemption to $50,000, saving the owner of a $259,000 home up to $412 a year. Not all waterfront properties would be assessed like they are potential sites for condos, a practice called “highest and best use.” Property taxes for low-income seniors would be eliminated and it would become easier to dispute appraiser assessments.

click here for article

Looking for a condo in Atlantic Grove, Boca Raton FL? Realtor® Caesar Parisi is ready to help you buy your dream property.

search for : , , ,