I don't believe this is correct. I think you'll be getting a $250K exemption vs your current $50K exemption. It should translate to a sizeable decrease in your taxes. This affects the homestead property tax exemption, currently at $50K, and raises that exemption to $250K (but somehow carves out school tax from the equation). In a second phase I believe that exemption is going to be at $500K (don't remember the details). I have to pour through the bill text further.
So, whether your home is valued at $100K or $500K Florida homesteaders currently get a $50K exemption. The owner of a $100K home was paying on $50K valuation after the exemption and will be paying nothing (but school tax, afaiu, but I still need to review details) if 60% of voters vote this in. The owner of a $500K home was paying on $450K valuation after exemption and will be paying on $250K valuation when the voters vote it in (and even less when the second phase of the bill kicks in).
Your exemption increases to 250k from 50 k. Now taxes on the 65k remaining. I believe that will get raised to 400k of the coubties iver inflate pr0perty values. Theure sure going to try. For once having less is worth more. Ought to bring down the over all assessments to rid us of these inflated realestate values.
Are all these noble endeavors fully funded right now? No. Stop the trillions of dollars of fraud and graft in government and there’ll be plenty of money for true essentials.
They are in my state. The main expense of local governments, beside labor, is building and maintaining streets and roads. If property tax goes down, sales tax will have to go up.
The state real estate tax is less than 1/4 of my real estate tax and assessments bill this year. It's a racket. my fire, school, children's fund, Hoa streetlight bill, library, water management. and sheriffs bill add up to over half of my statement. there are two parts of the real estate tax. One from the state and one federally mandated. This bill may save me a buck or two, but my home is north of $450 k. Florida also gives over 65 an additional homestead exemption but I earn too much to qualify.
When Trump said, "Maybe we caught them" that was clearly a "comm" meant for the cheaters, and the citizens of the great state of California. I believe Trump trapped the cheaters and he has them by the balls and they don't even know it yet. Soon, very soon, Trump is going to rip their balls off and he will make sure the whole world is watching when he does it. Oh yeah! I need a LOT more popcorn because the show is about to begin!
Does anyone think this happened in FL because so many homes in FL are maybe 2nd homes...And so, they have enough "snowbirds" to absorb tax 💰 payments. It's ideal...really, a COMPLETE PROPER GIFT TO PRIMARY FLORIDA RESIDENTS. 👍 Good job, FL!!
This just guts the taxes you pay for your library and parks, other essential services are exempt. No more free beaches, sadly this is actually going to hurt tourism when people have to pay $$$$ to go to our beautiful beaches.
The cities and counties have gouged us long enough here in florida. Corrupt to the core. Now lets vote these dangerous pricks out of our government and get people who really want to let things thrive. All that thrives at the moment are the city and county governmentsm. Wastefull anti business jerks.
So, are they going to raise sales taxes to pay for the streets and roads? They have to get the money from somewhere.
In NC, at least some counties don't charge property taxes on people who only receive social security. I have other income, so I have to pay, but it isn't very much. Property is valued for tax purposes much less than what the property could sell for. I think my house is valued at less than half its real value today.
I'd rather pay a one time a year property tax than extra sales taxes on everything I buy. There is sales tax on everything here in NC. I paid $1.33 in sales tax on breakfast yesterday morning. I paid $5.63 in sales tax on groceries several days ago. If property taxes were eliminated here, I would have to pay at least three times as much in sales tax.
Needs 60% of voters this fall.
Florida is MAKING HISTORY!
The homestead exemption will surge up to $250K to start, and a schedule will set its elimination in the future
However, MOST homeowners will already get effective 0 taxes under the proposal.
DO IT NATIONWIDE 👍🔥👍
It certainly helps the lower income home owners.
Except that sales tax will have to go up, which affects lower income people more. Is there such a thing as a lower income homeowner?
Problem: It only applies to homes worth LESS THAN $200,000.
When we bought our place, it would've have qualified. Now it's worth $315,000.
Market explosion puts most houses out of bounds.
I don't believe this is correct. I think you'll be getting a $250K exemption vs your current $50K exemption. It should translate to a sizeable decrease in your taxes. This affects the homestead property tax exemption, currently at $50K, and raises that exemption to $250K (but somehow carves out school tax from the equation). In a second phase I believe that exemption is going to be at $500K (don't remember the details). I have to pour through the bill text further.
So, whether your home is valued at $100K or $500K Florida homesteaders currently get a $50K exemption. The owner of a $100K home was paying on $50K valuation after the exemption and will be paying nothing (but school tax, afaiu, but I still need to review details) if 60% of voters vote this in. The owner of a $500K home was paying on $450K valuation after exemption and will be paying on $250K valuation when the voters vote it in (and even less when the second phase of the bill kicks in).
Your exemption increases to 250k from 50 k. Now taxes on the 65k remaining. I believe that will get raised to 400k of the coubties iver inflate pr0perty values. Theure sure going to try. For once having less is worth more. Ought to bring down the over all assessments to rid us of these inflated realestate values.
END ALL PROPERTY TAXES
Okay, we all agree…now tell us your plan for funding police/ fire/ems, public works, city parks, etc?
Are all these noble endeavors fully funded right now? No. Stop the trillions of dollars of fraud and graft in government and there’ll be plenty of money for true essentials.
They are in my state. The main expense of local governments, beside labor, is building and maintaining streets and roads. If property tax goes down, sales tax will have to go up.
This is a state issue, no?
See Minnesota and California.
49 to go
The state real estate tax is less than 1/4 of my real estate tax and assessments bill this year. It's a racket. my fire, school, children's fund, Hoa streetlight bill, library, water management. and sheriffs bill add up to over half of my statement. there are two parts of the real estate tax. One from the state and one federally mandated. This bill may save me a buck or two, but my home is north of $450 k. Florida also gives over 65 an additional homestead exemption but I earn too much to qualify.
If your home is 450k then its real 300k. The market value is a third over inflated.
When Trump said, "Maybe we caught them" that was clearly a "comm" meant for the cheaters, and the citizens of the great state of California. I believe Trump trapped the cheaters and he has them by the balls and they don't even know it yet. Soon, very soon, Trump is going to rip their balls off and he will make sure the whole world is watching when he does it. Oh yeah! I need a LOT more popcorn because the show is about to begin!
Does anyone think this happened in FL because so many homes in FL are maybe 2nd homes...And so, they have enough "snowbirds" to absorb tax 💰 payments. It's ideal...really, a COMPLETE PROPER GIFT TO PRIMARY FLORIDA RESIDENTS. 👍 Good job, FL!!
I understood the bill starts now at 150,000 exemption and will surge up into 250K in three years.
It will affect everybody.
This just guts the taxes you pay for your library and parks, other essential services are exempt. No more free beaches, sadly this is actually going to hurt tourism when people have to pay $$$$ to go to our beautiful beaches.
Property values will skyrocket.
The cities and counties have gouged us long enough here in florida. Corrupt to the core. Now lets vote these dangerous pricks out of our government and get people who really want to let things thrive. All that thrives at the moment are the city and county governmentsm. Wastefull anti business jerks.
So, are they going to raise sales taxes to pay for the streets and roads? They have to get the money from somewhere.
In NC, at least some counties don't charge property taxes on people who only receive social security. I have other income, so I have to pay, but it isn't very much. Property is valued for tax purposes much less than what the property could sell for. I think my house is valued at less than half its real value today.
I'd rather pay a one time a year property tax than extra sales taxes on everything I buy. There is sales tax on everything here in NC. I paid $1.33 in sales tax on breakfast yesterday morning. I paid $5.63 in sales tax on groceries several days ago. If property taxes were eliminated here, I would have to pay at least three times as much in sales tax.