July 14th, 2017

 

‘Legislature Offers Potential Tax Relief’

 

By James D. York, P.A.

 

The legislative sessions that ended in May were a definite boon to Florida homeowners, as we’ve discussed in a couple previous columns. Several bills were passed that are intended to provide property tax relief. Among them is an additional homestead tax exemption representing $645 million savings in property tax for the first year, with increases in subsequent years.  

 

Rep. Mike LaRosa, R-St. Cloud, sponsored the bill (known as HJR 7105) to put a state constitutional amendment on the ballot for 2018. The amendment would increase the homestead exemption amount by $25,000, applied to the portion of values between $100,000 and $125,000. This would allow property owners to shield additional value of their home from non-school property taxes, thus saving money every year.

 

Debate on the issue had some legislators pointing out that reduced property taxes would affect services such as police and fire departments, putting an additional burden on city budgets. Others felt they were not making the decision, merely getting it on the ballot so voters--homeowners themselves--could make it. Mike LaRosa reported, “Not one constituent has said to me this is a bad idea.” If approved by at least 60% of voters, the amendment will go into effect on January 1, 2019.

 

Just give us a call with any questions and concerns about how this legislation might affect your buying or selling decisions.

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the Yorks invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.