PORTABLE PROPERTY TAX PLAN.. WHERE IS IT?

It was announced a while ago that the political powers to be were all hot to trot on providing Florida homesteaders a chance to substantially increase their property tax break when they go to the voting poles this November.

Several of these politicos were planning to seek legislative approval to put in a constitutional amendment on the ballot to keep our homestead exemption in tact even if we move to a new property. That means that the property tax break we have on our present home goes with us to our new home...it doesn't stay with the property we sell.

Our current property tax law caps our property taxable value at a 3 % per year, regardless of the increase in value. Currently, when an owner sells their homesteaded property, and buys a new one, their new home's taxable value is based on the market, and the property taxes follow that value, usually they go up...and based on recent market value increases, that can be three or even four times the previous property tax bill.

More recently, the Portable Property Tax Plan has come up against some opposition by some heavy hitters in the political arena. The most current word i have heard is that the Plan is now on hold. The leading culpret in this anbticipated long term delay is the recent bill passed by a Senate Committee, that directs the state of Florida to undertake a long term very expensive( purported to be at least one million dollars) study. The study is to provide options to the Portable Tax Plan for review and considerstion, prior to taking ANY ACTION on the portability plan.

So, from what I understand at this point...We will still have our current SUPER tax break for homesteaded property in Florida, but as the old saying goes...YOU CAN'T TAKE IT WITH YOU...at least not yet.

Chuck Kabis, MRA
Certified Mortgage Consultant
Recommended 32 Years..
Your Best Mortgage Resource
239-298-3090/10mega@ureach.com