February 24, 2017

 

‘Will the Tax Cap Expire?’

 

By James D. York, P.A.

A property tax cap, part of the “Save Our Homes” Florida constitutional amendment that passed in January 2008, is due to expire in less than two years. Florida Realtors® have developed a new web tool to show what that could mean to property owners. The current 10% cap on non-homestead property tax increases benefits second-home owners and small businesses.

According to Carrie O’Rourke, VP for Florida Realtors® public policy, "This 10 percent cap is an essential safeguard for many business and second homeowners around the state who used to live in fear of excessive property tax assessments.  Without it, they never know if they are going to be hit with a tax bill they cannot cover. The 2008 amendment provided much-needed relief. It is time to make it permanent for property owners."

Skyrocketing tax bills resulted before 2008 if a property received an appraisal that was significantly higher than the previous one. The new tool gives users an easy way to see how many properties could face dramatic increases should the cap expire as scheduled on January 1, 2019—see at http://protectthecap.com.  A group of business trade associations is pushing for the passage of a bill to make the cap permanent in 2018. Just give us a call with your questions and concerns.  239-273-6727.

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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 York’s invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.