The Florida Association of Realtors (FAR), with 150,000 members, the largest trade group in all of Florida, means business with its 150,000 members.
They have pledged up to $1 million to Save Our Homes by supporting passage of an amendment to reform. Going before voters Jan. 29th, 2008, the amendment would allow property owners to continue the 3 percent tax cap they currently have as a result of the 1992 Save Our Homes amendment or they may choose a new exemption referred to as a” super-homestead”. If they were to choose this option it would take up to $195,000 off their current home’s taxable value which would provide meaningful tax relief for thousands of families and home owners.
Far believes that passage of this amendment is critical to the future of Florida. The new amendment will provide first-time homebuyers a large tax exemption and it will begin to equalize property taxes among neighbors. It will also allow teachers, nurses, police officers and emergency first responders, the people who are the foundation of our neighborhoods, to afford to live in the communities they serve.
The new property tax referendum is expected to be the subject of a heated battle leading up to its inclusion on the January ballot.
The Florida League of Cities, which represents municipalities across the state, has said such reforms could reduce city tax coffers by $377 million in its first year alone. Local government officials have said that passage of the referendum, which would add to already rolled back property mileage, could force municipalities to cut services and other tax-funded initiatives.
Contributed by Miami Luxury Villas
