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Many travelers
who visit Florida , ultimately decide to buy a home there. So
for our vacationers who are possible future Florida residents
we have provided this report.
In 2006,
the housing market has been through a tremendous boom and housing
prices are way up! Conversely , at the end of 2006, the real estate
market has come to a temporary stand still.
The Median
price for a home in some central Florida cities reportedly has
grown to about $198,000. This number is up from about $129,000.
Having said that, compared to the medan price of homes in other
parts of the U.S., Florida is still prime for relocation.
One key element
is the number of dollars reinvested from the proceeds of higher
priced homes sold elsewhere. New owners pensions or wages from
other states supercede most of the price increases in Florida.
Although
home owners insurance and taxes continue to rise. The hope is
that the new political climate in Washington and pressure from
Florida's new Governor, Charlie Crist, will be successful in leveling
the playing field.
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Owners are
already flooding City Halls and County buildings in an effort
to receive some tax relief. Early reports are that taxes ,at least,
will remain in partial check as long as politicians don't go after
things like "Save our Homes" legislation.
SAVE OUR
HOMES tax legislation is a Florida 1992 Ammendment - Fla Statute
193.155(1) limiting the assessed valuations of Florida homesteaded
properties.Assessment increases are limited to 3% or the increase
in inflation measured by the changes in the consumer Price index,
whichever is less. This legislation has been a gem for homeowners
who are getting pounded with high utility and insurance rates
already.
Here is where
the controversy starts. You recieve this benefit as long as you
don't sell your home. When you sell , the new owners assessment
will be moved up to the current market value. And with the huge
rise in market values lately they stand to pay 2 or 3 times the
current tax bill.
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Therefore
, most owners are content to stay in their current home and redecorate
for the time being. By the way, room additions to an existing
home fall outside the Save our Homes legislation umbrella.
So, what
is the future for our travelers who hope to be future owners in
Florida? Well , one idea being kicked around and lobbied for is
a portability amendment to the existing legislation.
The idea
is that an existing Florida homeowner of a homesteaded property
will be able to take at least part of the tax protection with
him/her to the next in state purchase . We will be anxious to
see the results. So until then ,...
Be
Smart and Travel Safe
-
Awesome Traveler -
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