One of the major focuses of the Florida Property Tax Reform Committee was to lessen the burden on businesses, renters and second home owners. Will the new proposal help these folks? Somewhat it seems but not by all that much.

Non-homesteaded properties will benefit from:

• The freeze on taxes at the 2006 level.
• The rollback in tax rates from 3%-9% for cities and counties.
• The cap on cities’ and counties’ budgets (future property tax increases will be kept in check by a formula that considers personal income growth)

Non-homesteaded owners will not benefit from the so-called super exemption proposal that will be voted on in late January of next year.

But this is an improvement. Previously there was no cap on property taxes for a non-homesteaded property. As the market value rose, so did the taxes. So will this be enough to keep second home owners in Florida and more of them investing in Florida? Hard to say and I think time will only tell.

FloridaToday.com has put together a good site that details how different property owners will be affected by the new system.

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This entry was posted on Monday, June 18th, 2007 at 6:58 am and is filed under Hillsborough Property Tax, Tampa Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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