Every bubble eventually pops. In real estate, the million dollar
question is always, when? Many Florida property owners may be surprised
to find out that a very important vote, taking place this coming
November, has the potential to impact the answer as to when our current
bubble may implode.
The vote has
to do with an artificial property tax cap that was signed into law 10
years ago. That 10 percent cap for non-homestead properties, approved in
2008, will once again be on the ballot in November. If it is not
approved by a supermajority (60 percent) of the voters, a dramatic
disparity of taxes will occur that will have a myriad of consequences.
Florida
law defines a non-homestead property as a property not used as a
primary residence, such as rental properties, second homes and
commercial properties.
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