Thursday, June 14, 2007

Latest Update from Rep. Carl Domino

I just received this e-mail from Rep Domino. I think he raises some very valid points. Several are the same as my comments in the last blog entry even. While I agree with him that this bill leaves some major gaps, it does seem to move in the right direction. It will alleviate some of the pressure that SOH is putting on non-homesteaded property. While not perfect it could be a step in the right direction.



In a few hours we will commence to debate a Constitutional Amendment which will repeal Save Our Homes.

This protection for our citizens will be replaced by a higher homestead exemption for homesteaded residents. It does NOT address second homes or commercial property. If passed in both Houses, it will be put before the voters (probably in January) and will need 60% approval. While it grandfathers those who currently would be better served by portability (22% of residents) it does NOT allow for portability.

I have shared with leadership my opposition to this legislation!

* With a weak real estate market we need portability.
* This Bill affords little protection to South Florida residents since their homestead will be valued higher than the $200,000 levels for the largest tax break.
* Benefits would not be received for several years.
* Exclusion from SOH benefits would not be your option. If you are $1 under the cut point you will not qualify.
* Under SOH your assessment could not increase more than 3%. With this bill your assessment could move upward in an unlimited
amount. In some instances that could result in 10-15% tax increase
in one year.
* High end buyers, while protected for a short time, might pay
thousands of dollars more in taxes if they stayed in their home for a number of years.
* Realtors will be particularly hurt by this bill.

Later today, I will offer amendments to provide portability and save Save Our Homes. Contact your Representatives and House leadership urging them to vote for these amendments.

Carl J. Domino

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