Posted on 02/20/2007 7:13:00 AM PST by doc30
TALLAHASSEE - House Republicans are developing a proposal to eliminate property taxes for all homesteads while increasing the sales tax by a few pennies to make up the difference.
The plan, which has quietly gained favor among House leaders in recent days but lacks detail and has yet to be announced, also calls for capping property taxes on businesses, second homes and other nonhomestead property.
The cap would likely be tied to population growth and inflation.
(Excerpt) Read more at sptimes.com ...
Although I do not agree on MANY Calif. laws and practices ( I lived there for a time, not from there ) I do agree with their real estate tax structure; A flat 1% tax of appraised value for all homeowners, new AND existing. Why are the politicians in Tallahassee confusing an already complicated existing tax law? Amazing...
In principle I agree with you. In practice, it would be very dangerous. When the real estate market spikes upwards, many people could not afford the new appraised values. In FL, I don't have the homestead excemption yet because my green card is still in process. That means I get hit with the full appraised value every year. My tax bill goes up exponentially with the rising market. The 'fixed income' seniors will take it out at the ballot box anyone that permits such huge property tax increases every year.
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