Legacy Realty & Associates (352) 203-4801

Amendment 1 and 2

Posted by LEGACY REALTY Team on Oct 17, 2018 in News

MY TAKE ON……….by judy ray

 Because I hold the title REALTOR, I am asked many times about my take on Real Estate subjects. So here it is:

My Take on Amendment 1 and Amendment 2 deals with your Property Taxes.

Amendment 1, if passed with 60% YES votes, will increase the Homestead Exemptions on your home from $50,000 to $75,000 if your home is valued more than $100,000.00. Great for the home owner….. not so great for the County. The County budget is based on the taxes it collects from property taxes. As a result, the County could increase the mileage rate to make up the difference.

Amendment 2, if passed with 60% YES votes makes the cap of 10% tax increase on NON-Homestead property permanent. For the past 10 years increases in property taxes on Rental, Vacation, Commercial properties has been capped at 10% increase. This cap expires Dec. 31, Amendment 2 makes the cap permanent. This is a tough one, because property values continue to fluctuate up and down with the market and taxes are based on current values. The 10% cap makes the commercial and investors market more stable knowing that taxes cannot increase more than 10% per year and make planning and budgeting easier. Voting NO could increase rents, both residential and commercial, it could reduce the number of buyers looking to invest but it could also increase the County revenue form taxes.

 As always knowledge is POWER, educate yourself and vote according to your conscience but VOTE