[Dee74]

This was in Tampa Trib today, the op ed piece was interesting but I could not believe this paragraph, I realize it is over many years but who could ever afford those taxes that is an increase of 2k a year! Scary stuff.

If Greco doesn't sell, she would be foolish to switch to the larger exemption . Indeed, if she loses the cap's protection and property values increase at their historic trend of 7 percent, switching to the super exemption could add $40,000 to her tax bill over 20 years, a sum far higher than government should extract from a middle-class house.

article below:

Closer Look At Tax Reform Reveals Savings And Uncertainty

The Tampa Tribune

Published: September 21, 2007

A bungalow for sale on North B Street in Tampa has become a poster home for tax reform.

Moderator cut: do not repost copyrighted material

[Dee74]

They must think the public is really stupid, but they have good reason to believe that. They bought platform shoes didn't they.

Ha Ha, I love it! Yes the city sure does not want to lose all that tax revenue.

[macguy]

Originally Posted by Dee74

Ha Ha, I love it! Yes the city sure does not want to lose all that tax revenue.

Heres the absurdity of it all. Taking their ridiculous projection that homes would appreciate that much no one could pay those taxes so the properties would have stopped appreciating just due to no one being able to afford them and it becomes a self regulating system as it is now. Prices are falling like a rock because no one can afford the high prices.

If homes did appreciate at an unusual amount the taxes would go down proportionally to the needs of the cities and counties. They operate on budgets and once they are met they don't need the extra money and it would be kicked back to the home owners as lower millage rates. Again the system self regulates it's self. Lets get back to reality, as a rational person does anyone really think they are going to be paying $40,000 or $20,000, or $15,000, or $9,000 or even less for a moderate middle class owned home?

Taking it from the ridicules to the absurd again, if it happened then whoopee, sell the house and move somewhere else and live the rest of your life on the interest from the sale.

[tamcim72]

I'm afraid too many people will be "oh lower taxes yes, yes" without realizing the implications. I prefer being locked into my new homes high taxes now then rolling the dice and having higher taxes in 10 years. It's good to know you can lock in one of your bills without worrying about huge increase each year (i.e. hurricane insurance)
Was there every any consideration about increasing the exemption (now $25k) to adjust for inflation? or is this super exemption govt's answer? I think I am going to vote NO

[macguy]

Originally Posted by tamcim72

I'm afraid too many people will be "oh lower taxes yes, yes" without realizing the implications. I prefer being locked into my new homes high taxes now then rolling the dice and having higher taxes in 10 years. It's good to know you can lock in one of your bills without worrying about huge increase each year (i.e. hurricane insurance)
Was there every any consideration about increasing the exemption (now $25k) to adjust for inflation? or is this super exemption govt's answer? I think I am going to vote NO

Your not locked in though, they can go up 3% a year. The chances are, that is about what they will do anyway except you will be stuck paying a really high tax right out of the box guaranteed. Thats what you really want to do? You will go in the hole tens of thousands of dollars over the years compared to the super exemption.

This isn't even a close call, you are not even gambling. As it is now, you are guaranteed to lose your ass on taxes. The other way at least you have a chance no matter what happens. But, people will do what they they think is best for them but they will in many cases be wrong.

[Dee74]

If homes did appreciate at an unusual amount the taxes would go down proportionally to the needs of the cities and counties. They operate on budgets and once they are met they don't need the extra money and it would be kicked back to the home owners as lower millage rates. Again the system self regulates it's self.

MacGuy, do you live in FL? I ask because this is exactly what is happening here in Tampa and FL. The city/state had to have outraged citizens push for a rate rollback, they gave us 1/2 mill. Yes they do operate on budgets, however they just kept increasing the budget for all kinds of pay raises, pet projects, trolleys to nowhere, art museums etc. This is the same scenario that occurred to bring about Save our Homes, they never stop taking the money. Budget met... gee, give the hard working taxpayers some of their money back. Never seen it happen here unless they were forced to by legislation or citizen's grass root amendment. I admire your faith in govt to do the right thing, I have just yet to see it here.

[macguy]

Originally Posted by Dee74

MacGuy, do you live in FL? I ask because this is exactly what is happening here in Tampa and FL. The city/state had to have outraged citizens push for a rate rollback, they gave us 1/2 mill. Yes they do operate on budgets, however they just kept increasing the budget for all kinds of pay raises, pet projects, trolleys to nowhere, art museums etc. This is the same scenario that occurred to bring about Save our Homes, they never stop taking the money. Budget met... gee, give the hard working taxpayers some of their money back. Never seen it happen here unless they were forced to by legislation or citizen's grass root amendment. I admire your faith in govt to do the right thing, I have just yet to see it here.

It doesn't matter the absurd amounts they are talking about, they won't have to worry about what people think because they will all be gone. No one can pay 20, 30, 40 thousand dollars in taxes, and those are the numbers they are using to scare people. like I said it self adjusts, high taxes lower property values and the numbers they are talking about, you could not give property away at that point and the value will drop to nothng. They can't have it both ways so there is nothing to really worry about.

[macguy]

Originally Posted by tamcim72

I'm afraid too many people will be "oh lower taxes yes, yes" without realizing the implications. I prefer being locked into my new homes high taxes now then rolling the dice and having higher taxes in 10 years. It's good to know you can lock in one of your bills without worrying about huge increase each year (i.e. hurricane insurance)
Was there every any consideration about increasing the exemption (now $25k) to adjust for inflation? or is this super exemption govt's answer? I think I am going to vote NO

As a follow up to my other post.
Here is an example based on a $250,000.00 house. With save our homes your tax will be at .021 mills $5250.00 and in ten years at an average of a more realistic 3% will go to $6850.00. Over the ten years you will have paid taxes of $60,180.00.

With the super deduction your tax will be $1995.00 and over ten years will go to $2603.00. You will have paid taxes of $22,866.00 over the ten years. A difference of $37,314.00 out of your pocket. It is not even a close call. I did this pretty quick but think my numbers are correct or very very close.

Forget about the money, with the super deduction you will be way ahead no matter what. The only real concern is a loss of services and I don't worry about that either. They need to be put on a diet and learn how to run our cities like a business that doesn't Pi$$ away it's money like it is going out of style. Don't worry they will have no choice. You would be surprised what can be done when you have to. We just need people in there who can do it right. That what we need anyway and we would have no problems in this country all the way to the top.

[firemed]

Originally Posted by macguy

As a follow up to my other post.
Here is an example based on a $250,000.00 house. With save our homes your tax will be at .021 mills $5250.00 and in ten years at an average of a more realistic 3% will go to $6850.00. Over the ten years you will have paid taxes of $60,180.00.

With the super deduction your tax will be $1995.00 and over ten years will go to $2603.00. You will have paid taxes of $22,866.00 over the ten years. A difference of $37,314.00 out of your pocket. It is not even a close call. I did this pretty quick but think my numbers are correct or very very close.

Forget about the money, with the super deduction you will be way ahead no matter what. The only real concern is a loss of services and I don't worry about that either. They need to be put on a diet and learn how to run our cities like a business that doesn't Pi$$ away it's money like it is going out of style. Don't worry they will have no choice. You would be surprised what can be done when you have to. We just need people in there who can do it right. That what we need anyway and we would have no problems in this country all the way to the top.

All it will take is one big storm and guess who will pay for it? Taxes can go up as much as needed. With the state putting up the backing for HOI this is not good. A cap MUST be added or we will be sorry. Super can go both ways! With the super deduction your tax will be $1995.00 and over ten years will go to $2603.00 if it is not changed. But the next year it can and will go up. It needs to be fixed before we vote it in. This is like giving a blank check its all about trust.

[macguy]

Originally Posted by firemed

All it will take is one big storm and guess who will pay for it? Taxes can go up as much as needed. With the state putting up the backing for HOI this is not good. A cap MUST be added or we will be sorry. Super can go both ways! With the super deduction your tax will be $1995.00 and over ten years will go to $2603.00 if it is not changed. But the next year it can and will go up. It needs to be fixed before we vote it in. This is like giving a blank check its all about trust.

I did increase it 3% each year for ten years as well as 3% of the 3% to try to be accurate. I think it is more realistic then the 7% they want to use. What you say can happen regardless and people with SOH will be blasted if they sell and try to buy another place. Back to the trapped in your house forever thing. I don't think that is what people really want, to live in forever and die in their house because they are afraid it will cost them money, when they now will have a real choice. I don't think that is truly representative of people anymore. People move around on an average of every 7 years according to what I have read and even more in Florida. There is lots of ways to look at it.