I found another news article pertaining to property taxes. These are very important issues to consider and will be on your ballot when voting November 4th. Considering the Tampa Bay housing market has dramatically changed the past couple years, we should think about our assessed values. The property appraisers tax homeowners based on the assessed value of your home. I’m sure you’ve noticed your tax bill isn’t as much as it was 2 years ago. This is caused by assesed values declining in our market.
Amendment 5 would lower property taxes
Tampa Bay Business Journal – by Janet Leiser Staff Writer
TAMPA — Florida’s business community isn’t expected to receive much relief from Amendment 1 that caps annual hikes in commercial property values at 10 percent, beginning next year.
“I don’t think it’s going to do a whole lot of good,” said Dan Woodward, VP of Highwoods Properties Inc. in Tampa.
In today’s sluggish economy, it’s unlikely property values will go up that much in a year’s time.
Then there’s Amendment 5, which if approved in the Nov. 4 general election, might bring more relief in the form of a 5 percent cap on property tax hikes on non-homesteaded property.
But a watchdog group contends other measures in the amendment would harm the economy and business community, making Florida’s sales tax one of the highest in the nation.
“There’ll be fewer inequities [in property taxes], but those inequities will be bigger than now,” said Kurt Wenner of Florida TaxWatch, a nonpartisan watchdog group in Tallahassee.
Florida Taxation and Budget Reform Committee member John McKay, a former senator from Bradenton, proposed Amendment 5 as long-overdue tax relief. Other supporters include the Florida Association of Realtorsand Gov. Charlie Crist.
‘It’s a tax increase’ Critics, including Florida TaxWatch, contend the amendment is a tax swap that could result in the largest tax increase in state history.
The taxation committee’s intentions were good, Wenner said.
“If the 5 percent cap was on the ballot by itself, it’d be a tough call for us,” he said.
Amendment 5 would reduce most property owners’ tax bills by an average of 25 percent to 35 percent, eliminating the local effort portion of school property taxes, said TaxWatch spokesman Robert Weissert.
Legislators would have to raise $11 billion from other sources to make up the shortfall in 2010, Wenner said.
Part of those billions would likely come from hiking Florida’s sales tax by 1 percent to 7 percent. Add in the local portion and the tax would amount to as much as 8.5 percent, Wenner said. It’s now 7 percent in Hillsborough and Pinellas counties.
A tax on professional services, such as legal, advertising and marketing, is also on the table to replace lost revenue.
The National Association of Independent Office Propertiesin Florida hasn’t yet decided whether it supports Amendment 5, said Jeff Rogo, who’s in charge of governmental affairs for the group.
see also: Amendments 3,4 and 6 also related to property taxes in the Tampa Bay Area.
If you would like to see what homes are selling for in your neighborhood you can search our Real Estate Website, covering all of Pinellas, Pasco and Hillsborough Counties.
You can also search your county’s local property appraisers website to look up the assessed value of your property