Originally Posted on Tuesday, November 14, 2006
By: Joshua Reich
Contact the Florida Legislature at http://www.leg.state.fl.us/
It is only rarely that I will express my personal feelings on this blog as it is supposed to be a forum for recent news, but following the recent elections I am forced to speak out.
I am glad that something has finally been done to address the antiquated Homestead Exemption in the beautiful State of Florida, but unfortunately what has been done falls far short of what needs to be done. What has been done is that a resolution was approved by voters that adds another $25,000 in Homestead Tax exemption to the existing $25,000 for low-income seniors. Since the constitution also allows local governments the option of granting an additional $25,000 exemption to low-income seniors the maximum exemption available now is $75,000.
While this is definitely great news for low income seniors it is a slap in the face of ALL homeowners who should be seeing the homestead exemption at least doubled. The Homestead Exemption was created in 1862 by an act of the United States congress and the most recent ruls were adopted in Florida in the 1980's (click here for more information on the Homestead Exemption). Property values in Florida have more than trippled in the last 20 years and the fact that the amount available for Homestead Exemption has remained steady at $25,000 is a perfect example of government falling behind in its responsiblities to the people. The current housing market is suffering in Florida becuase of 2 things: Insurance that we can do nothing about (just pray for no hurricanes) and Taxes, that we CAN do something about. A recent article says that the Florida legislature is lowering its income projections for the first time in 5 years becuase taxes have been skyrocketing while property values boomed. Now the tax burden is becoming to great and many of our best citizens are leaving the state!
The Homestead Exemption must be raised to more accurately reflect the tax burden that is now posed to owners of property in the State of Florida or what should be a continued BOOM will turn into a big fat bust becuase of inadequate government.
I am glad that something has finally been done to address the antiquated Homestead Exemption in the beautiful State of Florida, but unfortunately what has been done falls far short of what needs to be done. What has been done is that a resolution was approved by voters that adds another $25,000 in Homestead Tax exemption to the existing $25,000 for low-income seniors. Since the constitution also allows local governments the option of granting an additional $25,000 exemption to low-income seniors the maximum exemption available now is $75,000.
While this is definitely great news for low income seniors it is a slap in the face of ALL homeowners who should be seeing the homestead exemption at least doubled. The Homestead Exemption was created in 1862 by an act of the United States congress and the most recent ruls were adopted in Florida in the 1980's (click here for more information on the Homestead Exemption). Property values in Florida have more than trippled in the last 20 years and the fact that the amount available for Homestead Exemption has remained steady at $25,000 is a perfect example of government falling behind in its responsiblities to the people. The current housing market is suffering in Florida becuase of 2 things: Insurance that we can do nothing about (just pray for no hurricanes) and Taxes, that we CAN do something about. A recent article says that the Florida legislature is lowering its income projections for the first time in 5 years becuase taxes have been skyrocketing while property values boomed. Now the tax burden is becoming to great and many of our best citizens are leaving the state!
The Homestead Exemption must be raised to more accurately reflect the tax burden that is now posed to owners of property in the State of Florida or what should be a continued BOOM will turn into a big fat bust becuase of inadequate government.
Contact the Florida Legislature at http://www.leg.state.fl.us/
No comments:
Post a Comment