Florida Amendment 1: Yes or No

[RiskTaker]

Every registered voter will have Amendment 1 on his or her ballot.

This amendment does four things:

•Provides portability to movers, allowing homestead residents to take some or all of their Save Our Homes protection on their primary residence with them when they move.

The Save Our Homes amendment, passed in 1992, limits annual increases on tax valuations to 3 percent per year.

• Doubles the homestead exemption by $25,000, meaning that the exemption will rise to $50,000 for most homestead property owners and $75,000 for those with special situations, such as, low-income seniors and disabled veterans. The increase does not apply to school taxes. This will provide a $240 average savings statewide.

• Creates a $25,000 exemption on businesses' personal tangible property tax, essentially eliminating this tax for the vast majority of businesses statewide.

• Caps increases by 10 percent on property tax valuation to nonhomestead properties. That includes second-home owners, businesses, investors and landowners. This cap does not affect school property taxes.

Quoted from a Newspaper article.

[RiskTaker]

What?

No comments on this one. Everyone wants to chime in on Swordfishing politics, But nobody wants to touch on this subject?

Amazing, this issue effects so many in Florida and states where Floridians are migrating to.

The voting polls are still open the rest of the day.

Vote the way you see fit.

But fiscal responsibility lies in the hands of the municipalities, not necessarily just a constant factor (fixed millage rate) of your property value year over year. So I don't buy the "FUD" of reduced government services if/when the municipalities tax based gets reduced by a small fraction.

Here is a funny one. I read also in another article where some municipality revenue has more than doubled in thhe past 6 years. A comment was made that they will have to learn how to do more with less. The irony here is in reality if you compare to a 6 year old budget that they would really have to learn how to do more with more, as tax revenue has been at windfall levels just until some recent millage reductions to counter runaway property assessments.

[quack quack]

I hope it helps to stabilize our housing market.

[DIRTYFOOT2]

Me too. I walk my dog every am through my hood, a mile or so round trip. There are 14 houses for sale that have all been on the market for over 6 months. A couple for sure I know were foreclosures. Not a good omen

[Disco Lady]

COÑO!!!!!!

[Mike]

I dont see how this won't pass since it is only Florida residents voting right???

This will be very nice. I probably won't move anytime soon if it doesnt pass.

Looking to get on the water out east, but need the portability to help on the taxes...

The foreclosure market is blowing up right now.. couple of guys here at the office handle loans on them and are seeing them everywhere...

[miamiangler1]

Originally Posted by ProfessorO

I voted yes because of the portability and it will save me money. I
also feel that the towns and counties need to be reduce their spending.
Hollywood has spent way too much $$$$ trying to make Hollywood
something that it is not. For example, giving out start-up funds for
downtown rest's that didn't have a snowball chance of making it
in middle class Hollywood.

I do believe that the big tax discrepancy between old, homesteaded homes
and newer, out-of-town owner homes is too much. Compound this with
crazy insurance rates and it is hard to have a winter/retirement home here. I know a friend whose family house that was costing him $5,000 10 yrs ago
is now costing him $20,000 because he is an out-of-town land owner.
Florida can not cut off its supply of winter $$$; even though I would
love to see less people here, we need their $$. cheers, arthur

Not a great deal ... portability only to buyers who bought homes in the year 2007-2008 .. the county can then raise your property taxes 10% a year ... plus at 50,000 home stead ex ... you will only safe up to 500 dollars more a year then you would with 25000 home stead .... not a great deal unless you live out side of south florida ..its not enough to stimulate the real estate market ! you must read the Amendment very close !

[Sopla2o]

Ok, voted today and I was shocked at the misconception that is out there on this topic.

Of course I voted YES... as a landlord, homeowner AND business owner, how can I say NO... But don't be surprised.... Its close...

EVERYONE is being fed this BS that we will lose Police services, lose Fire Response, lose Paramedics, lose teachers... etc... WOW... I am shocked that no one is alleging we lose our Constitutional rights to bear arms and vote as well... I am shocked that they are imposing this FEAR to shy people away from voting for Amendment One....

This is nothing more than a scare tactic to sway the voters. You only need to live in the tri-county area to realize that we need help with taxes and we need it soon. I do not believe the rhetoric that we will lose anything. Just ask the Officer from Cutler Ridge that cleared 180K last year... Or the Port of Miami Officer and the Airport Officer the each cleared 150 K last year. That is just the UNIFORM guys.... The rest of the detectives that clear 150K, 160K or more. Don't get me wrong... These guys work their azzzzz's off.... The overtime is horrendous... (which by the way the overtime for the Airport Officer and the Port Officer is mostly funded by Federal Grants that aren't affected by our taxes...)

So all the baloney that is being fed in scarring the voters into not voting for Amendment One should be saved for sandwiches when you go fishing. Hopefully it will pass... Don't let the nay-sayers tell you otherwise... The portability option itself is worth it all....

Try explaining it to the 12 people in my community that have lost their homes since they can't pay their mortgages.... No matter the size of the savings... Its a savings that WE ALL COULD USE....

Thats my .02 cents...

Use the savings and go fishing.....

[Sopla2o]

Oh... This is great.... We are losing out homes .... but....

*** BREAKING NEWS***

MIAMI -- Question 3 Permiting Slot Machines in Miami-Dade venues has been approved by voters.

[miamiangler1]

Originally Posted by ProfessorO

?????? Giving people a few hundred a year to spend is a good thing to stimulate the local economy. you are wrong about portability; portability would START
retroactive to homes sold in 2007. Future tax increases depends on homestead
status. I agree that it will not stimulate the housing market. cheers, arthur

You are right giving a few hundred a year back to the people is a good thing ... but eventualy it will go right back to the government any way!..most people are going to vote for it because it`s better then nothing , but will come back to bite us in the butt in the long run... just like the pll coming back into the closed areas to do research!

[B767]

Originally Posted by miamiangler1

You are right giving a few hundred a year back to the people is a good thing ... but eventualy it will go right back to the government any way!..most people are going to vote for it because it`s better then nothing , but will come back to bite us in the butt in the long run... just like the pll coming back into the closed areas to do research!

Agree 100%. Not to mention that education budget will be slashed (Again!!!) if the YES vote win.

[bajakian]

Originally Posted by B767

Agree 100%. Not to mention that education budget will be slashed (Again!!!) if the YES vote win.

Why is the loss of revenue going to directly affect and impact on only education? Does the govenment feel that it is non esssential, you know like a luxury to only be supported in good times? Isnt the money for education supposed to come from the Florida lottery anyways?

[miamiangler1]

Originally Posted by bajakian

Why is the loss of revenue going to directly affect and impact on only education? Does the govenment feel that it is non esssential, you know like a luxury to only be supported in good times? Isnt the money for education supposed to come from the Florida lottery anyways?

most of the lotto money goes to Northern Forida ,schools ... take a trip north and see how nice their schools are and the same with Amend 1 will be a benefit for the rest of the state ... as you know South Florida supports the rest of the state with it`s revenue`s!

[Disco Lady]

[Certifiable]

My opionion...
The extra 25K homestead exemption isn't going to be a big boost to the housing market...but the portability will be HUGE.
There are plenty of people that want to "move up" from the $350-700K homes into $1-1.5 Million homes. They can handle the mortgage expense, but the prospect of carrying an extra $8-10K a year in property taxes is a deal breaker.
If you purchased a home for $500k in 2000, and flipped it for a Million in 2008.
Your tax base would be 500K plus 3% a year for homestead property, say an assesed value of 590K. You could take the (1 Mil - 590K)= 410 K portability tax break to your new crib.
Say you build a new $1.5Million pad (1.5 - 410)= 1.09M. Now your new tax base is $1.09M for a 1.5 Million pad. At a near 2% tax rate...you still pay $21,800 in yearly taxes and save $8,200 against the old full tax rate with no portability.

The government tax base is still ahead of the game...they are getting $21,800 in taxes from you when you were paying $11,600 for the 580K base.
NOW.... someone else just purchased your old pad at the $1M price, and they are paying 2% on the 1M ($20,000) in taxes, or a little less if that person used thier portability. Remember..you were only paying 2% of 580K ($11,600). The tax revenue goes up no matter how you look at it...and you were just motivated to buy a more expensive home at 1.5M due to the tax portability.
It is a win-win situation. The biggest winner is the economy stimulus from the construction of the new house you just built. Look at the new jobs and sales tax collected.

The homestead portability may not be perfect...but it is a good start to relieve some of the rediculous property taxes that are being assesed....and jump start the housing market.

[RiskTaker]

Anyone care to speculate why some certain areas overwhelmingly selected NO for this amendment.

Florida's corn belt or would that be the hub of State run government?

Duval county? - The newswriter for the Yulee times must have written a very effective article to say Nay. Or perhaps there may be a lot of dependency on county revenues in JAX.

[IMG][/IMG]

Originally Posted by Certifiable

... The homestead portability may not be perfect...but it is a good start to relieve some of the rediculous property taxes that are being assessed....and jump start the housing market.

I agree that the housing market may start to move a bit because some are now enabled to move around. It is simply a housing displacement but if homeowners are upwardly mobile, then it will open up a place that another may now be able to afford: at least those that have time accrued value in their existing Homestead exemptions. Any new remodelling projects, anyone? Seems ripe for a bump in economic stimulus to me, at least in the private sector.

I voted in Favor of this. Actually, I was against the extra 25,000 exemption for homesteaders just to be fair to all the winers, a subset of (non-homesteaded) property owners and commercial property owners, that think that Homestead status is unfair.

The reality remains that Fair Market Value is the best way to define the taxable basis. If you have another solution to assess fairness, I am all ears. Plus it is morally correct for Save our Homes, even if it causes short term disparity; hence its inception. Recall the prime reason for its passage to begin with: to protect fixed income people from being taxed out of their homes because property assessments were outpacing their cost of Living adjustments. Thus the 3% cap to grant a reasonable stretch of time before one may be priced out of the neighborhood.

Let the Union law suits begin....

For any naysayers, just remember that assessed property values are still increasing progressively at COLA or a 3% per year cap, or a new 10% cap for non-homestead. In a given number of years Homestead property values (the others that are newly protected) will achieve equilibrium with fair market value, if not, then the older owners will die and a new fair market value owner will step in or a new homesteader will be moving up. So it should all work out in time, providing we don't continually go through any more crazy land value spikes.

Still the local governments need to base their budgets on prudent expenditures not just because spend on something "neat" because they have been gifted with a boat load of money from prior years of feast.

A least Pompano Beach spent hundreds of thousands and going into 7 figures for palm trees instead of other frivolous landscaping projects. At least they have a good shot at withstanding future rainy days, ie. Hurricanes.

[B767]

Originally Posted by bajakian

Why is the loss of revenue going to directly affect and impact on only education? Does the govenment feel that it is non esssential, you know like a luxury to only be supported in good times? Isnt the money for education supposed to come from the Florida lottery anyways?

Why? Don't know! It is a fact!!! Already in print. Unfortunately, not disseminated thru the media. Teachers know this well in advanced. i.e. They will start paying for their medical insurance for the first time in their careers!!!! as the first collateral damage..... Also, remember before the lotto was approved?, that money WAS supposed to supplement the education fund.....What happened? The education fund was used for something else, therefore leaving the lotto $$$$$ as the only source of funding the schools......

[Sopla2o]

Originally Posted by B767

Agree 100%. Not to mention that education budget will be slashed (Again!!!) if the YES vote win.

Education budget... The tax cut does not affect the schools portion of the taxes..... The biggest taxable portion that the County gets from me is for the School Board... They are not affected by this tax break... ALSO, the lottery has already provided over 18 BILLION to the lottery and counting....

FLORIDA LOTTERY CELEBRATES 20 YEARS OF WINNING
~ More than $18 billion contributed to education ~

Education will not be affected... That is the least of our worries....

[Sopla2o]

Originally Posted by B767

They will start paying for their medical insurance for the first time in their careers!!!! as the first collateral damage..... funding the schools......

WOW.... THEY HAVE TO PAY FOR THEIR OWN INSURANCE...

[B767]

Originally Posted by Sopla2o

WOW.... THEY HAVE TO PAY FOR THEIR OWN INSURANCE...

It might seem trivial to you but when that was part of a contract and the government breaks that contract without anyones regard, IT IS A ............ i.e. Fishing tourney....1st prize $ 25,000.00........You win tourney........ Go pick up your prize?, woops, sorry!!!!! It's only $ 5,000.00 ....You shouldn't whine, it's still lots of money......Hmmmmmmm