On January 29th we get to vote for property tax reform. For many the proposed changes have been confusing and hard to understand. For an overview/background on property taxes and a list of frequently asked questions about property tax reform click here to get the details.
The debate about reform is not over yet and many don’t like the proposed amendment we’re about to vote on, however it’s a step in the right direction and it’s better than the current system. Voting yes or no doesn’t mean this is the end of reform. I’m sure in the year(s) ahead changes and modifications will be proposed and voted on. Personally, I think it better to vote yes and improve the current system which most agree is broken. Whatever your opinion, get out there and vote.
Popularity: 40% [?]
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There are many new business models in the real estate business. There are companies offering home buyer rebates, others offering to list your home for a flat fee, some offering to do both, others yet offering some form of the previous options but only online and still others offering services at reduced commissions. There are options galore and most consumers are probably confused and wary of anything different. The Department of Justice (DOJ) created a web site titled, Competition and Real Estate which goes into much more detail than I can here and explains the many new business models and options available to consumers. Read the rest of this entry »
Popularity: 53% [?]
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Florida’s property tax system is in need of fixing and since the previous post on this subject the plan to fix it has changed. The current tax system and the proposed system both create two classes of taxpayers by shifting the tax burden to non-homesteaded property owners. For those of us that are long time residents this may sound like a good idea but in reality this may end up hurting everyone by depressing an already depressed real estate market.
On October 29, 2007, the legislature concluded Special Session D to deal with property tax reform and presented its plan, which includes:
- Ensuring Save Our Homes portability, up to $500,000 (reduced from $1 million)
- Doubling the $25,000 homestead exemption
- Tangible personal property exemption of $25,000 for businesses
- 10% cap on assessments for non-homestead property
The plan is explained in detail by Florida Tax Watch in their memo titled “What the Special Session D Did”. I suggest you all keep an eye on this site and the Florida Tax Watch site for updates and more detailed info. Voters must still decide if they want to accept the new plan in January so be sure you understand what you’re voting for.
Popularity: 47% [?]
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As many of you may already of heard there are changes coming to your property tax bill and how it’s calculated. The bottom line being that we should all see a cut in taxes. The cuts are a two step process with the first step being an across the board cut which should save most homeowners around $174 give or take this year. The second step is a proposed constitutional amendment to be voted on this January. This amendment would create a super-homestead exemption replacing the current $25,000 exemption and Save Our Homes which capped the increase in property taxes for homesteaded property to 3%. The new exemption would be 75% of the first $200,000 in value and 15% of the next $300,000 for a maximum of $195,000 and a minimum of $50,000 ($100,000 for low-income seniors.) Going forward this $500,000 ($200K + $300K) number will increase by the change in per capita personal income in Florida.
Current homesteaders will be able to make an irrevocable, one-time decision to take this new super exemption or keep the current Save Our Homes cap. Once you move you’ll only have the new exemption.
For more information and to follow developments I suggest you read the following brief from Florida Tax Watch, What the 2007 Legislature Did and visit the Florida Tax Watch web site for updates.
Popularity: 73% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in July of 2006.
In last month’s article, “Has the Real Estate Bubble Burst ?”, we discussed the slow down in the real estate market and it’s effects, as well as what to expect in the future. For those looking to sell their home the question is, how do I get top dollar for my home in such a market?
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Popularity: 100% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in June of 2006.
In my first article last year the question was “Is There a Real Estate Bubble?” and the answer in short was that it really depended on local conditions as well as the economy and interest rates. My prediction was that locally the market would slow down over the course of a year or two. In fact the market has slowed considerably and sooner than most experts dreamed.
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Popularity: 63% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in May of 2006.
Deciding on whom to trust to sell your home can be a difficult task. There are a lot of real estate companies and agents out there spending a lot of money advertising trying to make homeowners aware of their services and how they differ from the rest of the pack. Many times homeowners will choose an agent based on a referral, others based on advertising and some based on interviews of several agents (choosing the one that seems the best).
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Popularity: 68% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in April of 2006.
Most people in the real estate industry refer to this as For Sale by Owner or FSBO (fizzbow). Many consumers fed-up with high commissions start out by trying to sell on their own. Although on the surface this seems like a good idea you may want to consider some of the facts and information presented in this article before you make the decision. Many such home sellers soon find that the task they’ve undertaken can indeed prove to be more daunting, time consuming and challenging than originally anticipated. The second discovery is that in the process of having made the decision to ‘go it alone,’ FSBO sellers often find that they’ve simultaneously eclipsed themselves from ready-access to the specific professional guidance-and-expertise that ONLY a professional licensed real estate broker is really in a position to offer! Guidance and expertise that can often prove to be invaluable. Read the rest of this entry »
Popularity: 64% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in March of 2006.
In last month‘s article we went over real estate contracts, contract contingencies, disclosures and the structuring of contracts. This month I’d like to get a bit more detailed about a specific subject in the contract which is probably least understood and which leads to the most problems, the seller warranty and the home inspection.
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Popularity: 81% [?]
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The posting below is a copy of an article published in Boca/Delray Life Magazine in February of 2006.
Before you get to the point of making or accepting a purchase offer/contract ask for and read a contract to get familiar with the various clauses and paragraphs. Buying or selling a home, the contract is vital to insuring a smooth transaction and in protecting your interests. Be sure you choose an agent to represent you that is a good negotiator, understands contracts with an eye to structuring the contract to reach your goals and minimize any risks. It’s true for the most part that agents use standardized contract forms but choosing the right forms, and adding in the necessary addendums and/or contingencies into a contract can make the difference between success and disaster. Every real estate transaction is somewhat unique as all parties have a different set of concerns and each home has its own set of issues, all of which must be addressed in the contract. Read the rest of this entry »
Popularity: 94% [?]
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