Florida Save Our Homes Amendment - Party Now And Pay Later

Florida Save Our Homes Amendment - Party Now And Pay Later

Author: Paul F Davis

Florida lawmakers may have passed revolutionary property tax reform amendment (if the voters approve), or maybe they are setting the stage for the privatization of education and our public services.

Many homestead property owners find they are unable to downsize or relocate to a new residence because purchasing a replacement property starts a new assessment and tax basis at current market values. Portability enables relocation while, at the same time, retaining the limitation on assessed value. Many Floridians who want to move say property taxes are a major obstacle and feel trapped.

The Legislature will give voters the option in January to approve a state constitutional amendment that would give voters the choice of tapping a new super homestead plan, which protects as much as $195,000 of a home´s value from taxes, or sticking with Save Our Homes. Opponents say the same vote also will basically serve to phase out Save Our Homes, which has capped property tax increases for homeowners at 3 percent a year. That´s not a good thing for homeowners.

Ken Wilkinson, the father of the original amendment and the property appraiser for Lee County, now heads a statewide group called Save Our Homes Portability Inc., which is paving the way to try to transition from the old Save Our Home amendment with a twist that lets homesteaders relocate elsewhere within the state without giving up all their tax credits.

"Save Our Homes Portability" would allow homesteaders to "bring forward" up to 50 percent of the difference between the assessed value and the market value of their home when downsizing and subtract it from the market value of their new home. When "up-sizing," homesteaders would be able to protect up to $400,000 in property value from taxation.

Local legislators agree the rollback is a good thing. On the rest of the proposed reform package, there is less agreement. Cutting millions in property tax revenues will definitely lead to a reduction somewhere in public services or the quality of education (as if that could get any worse).

This move could open the floodgates to more dangerous privatization of services and education. Prisons across the country are already being privatized and prisoners used for cheap labor. International water barons are already eyeing our nation, making promises to reduce local and state governments´ expenditures and promising increased "efficiency". Enterprising private industry is making deals with politicians to procure and manage our water supply. Our most precious resources need to be protected and not sucked dry.

Saving dollars on property taxes is good providing over the long-term the economic aftereffect won´t be detrimental and devastating elsewhere. Hopefully the passing of the new Save Our Homes (and homeowner party thereafter if approved) won´t mean we have to pay big-time later. Nevertheless for now we the property owners can vote for Save Our Homes tax savings and hold our breath to see what happens later.

Paul Davis is Central Florida´s favorite and most reputable property appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. Mid-State Appraisals is FHA approved. A builder for over twenty years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.

Paul´s company Midstate Appraisals is FHA approved and serves Central Florida (Lake, Orange, Seminole, Osceola, Sumter and Davenport in Polk counties).

Contact Paul Davis and Midstate Appraisals for your next appraisal:

Office: 352-242-9973
Cell: 352-636-6672
Fax: 352-242-4912
http://www.midstateappraisals.org