I was actually planning on writing about our other nemesis – Homeowners Insurance, but today’s Orlando Sentinel had much ado about property taxes and Marco Rubio’s new plan.
It seems that State Rep. Rubio’s previous plan was too drastic for many in the Senate, if not the House, to swallow. As you may have read in my previous posts, I have been a strong opponent to his plan. His new plan just seems to be a rip off of the one I wrote about yesterday, the one that was proposed by David Simmons of Maitland.
Unfortunately, Rubio’s new plan again goes too far. He is proposing that we pay property taxes on only 20% of the first $300K of the assessed value; 30% for the next $700K; and, then 70% of any assessed value over $1M.
This equates to a home with an assessed value of $300K, would only have a taxable value of $60K. As good as this sounds & what it will mean to our pocketbooks, this is absolutely outrageous – totally ridiculous. I don’t know if this man is trying to just make a name for himself in the short-term or what. My mind is just boggled thinking of the repercussions from a move like this. Yes, I agree that we need property tax reform, but come on guys, let’s use our heads.
Can you imagine the catastrophic cuts that will have to occur on the city & county level if something like this passes. Granted, I agree that there needs to be some trimming & more accountability, but this is not the way to go about it. With cuts like this it has to affect our basic services, nevermind what it could do to education.
Yes, a tax cut will finally get rid of Save Our Homes & at least we are seeing some that might be more equitable. Yes, a tax cut will also allow some long-term homeowners to possibly move who otherwise may have felt trapped because they might have been hit with a huge tax increase.
If Rubio’s plan or something similar with drastic tax cuts comes to fruition, all we are going to see is an increase in taxes somewhere else. Again, this is absolutely ridiculous. And the fact of the matter is that we will most likely pay more in the long run.
Hmm, so what purpose does this really serve except for someone getting their name in lights. I hope that I am wrong about Mr. Rubio, but all the signs point otherwise.
I look forward to seeing a property tax cut – as a homeowner & as a realtor®. I don’t like what’s happened with property taxes. Tax relief will surely help fuel more housing transactions. I think that it would surely help turn around a market that we are seeing flounder. I know that it would surely bring more buyers out of the woodwork. But again, our lawmakers have to be realistic.
Until next time – Marc It Sold!