Originally Posted on Monday, February 20, 2006
There was an article in the Miami Herald yesterday about how many Homeowers feel "trapped" in the current home because if they move their taxes will increase so much. The reason for this is that the Save Our Homes amendment which basically limits increases in property taxes to 3% per year is NOT TRANSFERABLE TO NEW PROPERTIES. Everytime a property is sold its taxable value is reassessed and the new owner has to pay taxes on the newly assessed value. Since proerty values have been appreciating so rapidly owners face paying tens of thousands of dollars more per year in taxes if they move.
Thankfully, some legislators are working to change this and the excellent article by Michal Mayo (which can be found here) goes into some detail. However, the aritcle only makes brief mention of the need to increase the $25K Homestead Exemption as a result of increasing values. The State of Florida has some of the most geographically valuable land in the world and the consistent population numbers show that PEOPLE WANT TO LIVE IN FLORIDA! That means land will continue to get more valuable!
The Homestead Exemption was created in the early 70's when Median Home Values were much lower than they are today. Legislators need to do more to keep the State's laws up to speed with the changing times...Florida is and should continue to be a leader in rights and benefits for property owners and prosperity will be long lasting in the Sunshine State.
Thankfully, some legislators are working to change this and the excellent article by Michal Mayo (which can be found here) goes into some detail. However, the aritcle only makes brief mention of the need to increase the $25K Homestead Exemption as a result of increasing values. The State of Florida has some of the most geographically valuable land in the world and the consistent population numbers show that PEOPLE WANT TO LIVE IN FLORIDA! That means land will continue to get more valuable!
The Homestead Exemption was created in the early 70's when Median Home Values were much lower than they are today. Legislators need to do more to keep the State's laws up to speed with the changing times...Florida is and should continue to be a leader in rights and benefits for property owners and prosperity will be long lasting in the Sunshine State.
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