Realty Blog

Phase one of Florida's Property Tax Reform is now law after Gov. Charlie Crist signed a bill on Thursdy. The first phase keeps taxes the same next year and, on top of that offers additional savings of about 6 or 7 percent to all property owners/homesteaders, second homeowners and commercial property. Also, local governments can no longer increase revenue simply by keeping millage rates the same as property values rise, local tax increases are now tied to area incomes and growth. If local lawmakers wish to override that limit, they must vote to do so. Voters will decide phase two, which primarily benefits homesteaded owners, during the January 2007 primary election.

June 25, 2007 Florida Real Estate Headlines / Florida Association of Realtors