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Lower Taxes It Is, But Are We Better Off?
January 30th, 2008 categories: Tampa Real Estate, Tips for Sellers, Hillsborough Property Tax
It was hard to figure that a tax cut would get voted down, and it certainly did not. Let’s face it, on a personal level, every Floridian is better off with the cut. But is the state as a whole any better off?Here’s what we get:
- An additional $25,000 exempted from the assessed value, excluding the portion that goes to schools.
- The ability to take the accumulated benefits of the 3% cap on tax increases with us when we move to a new home.
So those living in Florida the longest, in the same home, will benefit the most. The handcuffs are off, or loosened at least. Feel free to move, the screws will no longer be put to you for moving up (or down).
But can you find a buyer? Maybe you can find someone else looking to move up and drag their benefits with them. But the first time buyer in Florida, whether a newly married couple, or someone moving in from out of state, will have no such benefits to bring along. They will pay a substantially higher amount of taxes. Sure, they’ll get the $50k exemption, which will lower their taxes by about $300 more than they would have paid had VOTE NO won.
So if you’ve lived in the same home in Florida for many years, and are considering a move, congrats, you’re better off. Many in my business say this is just what we need to kick-start the market and get more people selling and buying. We’ll see.
Interested in how this affects you as a seller or buyer? Contact us.
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