Tuesday, June 12, 2007

Impact of Proposed Property Tax on Real Estate

Florida legislature in a ll day process of discussing proposal to revamp how property taxes and home owner tax savings. It is being proposed to move away from the homestead exemption of $25,000 per year and removing the cap Save our Home savings to an increase in overall homestead exemption by using a sliding scale. There is much controversy as we may have immediate savings but long term may not save as cuts will be made for public schools and counties and cities would have to agree to cut taxes. With a slowed market, it has put another issue in the Orlando real estate market. It is still a buyers market with lots of homes to choose from and prices are stablizing, and better negotiable terms for buyers. For full article from Orlando Sentinel, please click http://www.orlandosentinel.com/business/orl-homes1207jun12,0,316162.story?coll=orl-business-headlines