PROPERTY TAXES ... IS RELIEF ON THE WAY IN FLORIDA?

With escalating property taxes negatively impacting much of the real estate market in Palm Beach Gardens and throughout Florida, we are beginning to see signs that our State Legislature has heard our pleas and will consider the issue.

Property taxes in Palm Beach Gardens and throughout Florida are tied to the sales price of a home.  With the price of real estate seeing double digit price increases over the past three or four years, property taxes increased proportionately.  While homesteaded residents could limit their tax increases to no more than three per cent per year, our seasonal residents, people owning more than one home and investors were paying the price in significantly higher tax bills.  Their taxes are not capped and increase as the market value of their property increases.

We believe that property taxes is one of several issues hurting real estate sales.  Members of the State Legislature have begun floating proposals to roll back, reduce, or even end property taxes.  The latest trial balloon floating from Tallahassee has the state sales tax increasing 2.5 percent and eliminating  taxes on homesteaded property.  Another proposal would roll back local tax collections to the level collected in 2001, then increase it based on inflation levels of the past six years to arrive at the revenue allowed in 2007.

Either of these would produce significantly smaller tax bills. Cities and counties would feel major revenue hits with either proposals and have begun intense lobbying activities.

It is certain that property tax issues will take center stage when the Legislature convenes this year.  Keep reading our blog and we will keep you posted on developments.

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