$30.1 million for down payment assistance starting July 1 for those who get the $8000 Federal tax credit. Done through local housing authorities.

$400,000 to go after unlicensed real estate activities in Florida.

$3,000,000 for real estate education and research

Reduction of eviction filing fee from $265 to $180. The state took a $36 million hit to approve this.

A constitutional amendment which will ask voters to limit increases in property tax assessments on non-homesteaded properties to 5 percent.

A bill that puts the burden of proving that a tax assessment is correct on the appraiser not the property owner

(source:  Bill Barnes, CEO, BonitaSprings-Estero Association of REALTORS)

I'm here to discuss the topic of Property Taxes and the Housing Slump. According to recent reports, the slowing housing market has brought about some issues with Florida's tax system to light. Namely, that homeowners in some counties (like Miami-Dade, for instance) will have to fork out extra money due to property tax hikes to cover budget deficits.

That's Not All...

Additionally, home buyers who purchase foreclosed properties may be responsible for paying property taxes on what the home was originally worth, not the discounted price. The state has implemented a "homestead" program to cap property assessments at 3% per year, the assessments are being raised when the home is sold (meaning homeowners within the same area are not "in line" with their taxes).

Experts in the field are commenting that the sales of foreclosed properties have not yet been affected by this policy, but it's definitely something to keep in mind if you plan on purchasing a home.

As always, you can call me at 239-357-9558 with any of your Real Estate needs, or visit www.buyrentsellfl.com. Take care until next time!