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Old 02-19-2007, 09:18 PM
 
Location: Tampa
53 posts, read 241,000 times
Reputation: 37

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The disparity in taxation across property owners, local assessments & millage rates has reached dire proportions. As a Florida resident, my property taxes will equal to 35% of my mortgage payment.

The common misconception is that services provided by taxing authorities are utilized solely by homeowners.

Taxing Authorities: Services
•County: Medical Examiners Office, Public Assistance, Mosquito Spraying, Head Start Program, Animal Shelter, MOSI, & Cooperative Extension Service
•Environmental: To treat environmentally sensitive lands that is threatened by destruction or development
•Schools: Bond debt used for construction & renovation of school property
•Schools Local & State: Early Childhood Education, Kindergarten, Elementary, Middle & Secondary Schools, Adult Education, Community & Magnet Schools
•Port Authority: Administration & Operation of the Port of Tampa
•County Transit Authority: Operating expenses: bus drivers & road supervisor salaries, and fuel.
•Children's Board: Deal with child abuse, drug abuse, teenage suicide, & other youth programs
•Water Management (countywide & city): SWFMD- Alafia River, Northwest Hillsborough Basin, & Hillsborough River Basin
•City Taxing Authorities: provide police, fire, sewer, garbage collection, street lighting, street repair, crossing guards & crime watch programs. Operates libraries, municipal golf courses, recreation complexes, parks, cemeteries, wastewater treatment plants, senior citizens' & community centers. Enforces housing & development codes.

Increasing the homestead or creating portability will not solve the high taxation which burdens property owners. A fair solution is to eliminate the property taxes altogether for primary homeowners and cap property taxes for other property owners.

PROPERTY TAX RELIEF & REFORM FOR OTHER PROPERTY OWNERS & BUSINESSES
1.Eliminate all property taxes for residential homeowners.
2.For nontraditional property owners, limit value assessments at 80% and cap the total millage rate at 15.
3.Replace lost property tax revenue for all taxing authorities by implementing a 3% state wide income tax.
4.Increase the sales tax by .05% to establish emergency funds for all taxing authorities.
5.Allow for primary residents & businesses to deduct sales tax difference.

PROPERTY TAX ELIMINATION
Note: Data from the city of Tampa was utilized to calculate assessment and millage rates.

Eliminate Property taxes for Residential Homeowners: Replace with 3% State Income Tax
2006 average property assessment rate: 97%
2006 average total millage rate: 24.000 mils
Homestead Exemption: $25,000

Home price x 97% assessment - $25,000 x 24 mils

Property taxes on a $230,000 home compared with 3% State Income taxes:
•To qualify for a $230,000 home, one needs to earn $68,000 per year
•Property taxes on a $230,000 home: $4,755 per year or $396 per month
•State Income taxes on $68,000 yearly income: $2,000 per year or $167 per month
•A tax savings of $2,755 per year or $230 per month

Property Taxes on a $500,000 home compared with 3% State Income Taxes for Residents:
•To qualify for a $500,000 home, one needs to earn $150,000 per year
•Property taxes on a $500,000 home: $11,040 per year or $920 per month
•State Income taxes on $150,000 yearly income: $4,500 per year or $375 per month
•A tax savings of $6,540 per year or $545 per month

Cap Property taxes for Nonresidential Homeowners & Secondary Homeowners
2006 average property assessment rate: 97%
2006 average total millage rate: 24 mils
Proposed assessment with 80% Cap
Proposed capped total millage rate at 15 mils

Home price x 97% assessment x 24 mils (current system)
Home price x 80% assessment x 15 mils (proposed system)

Property Taxes on a $230,000 home compared with Proposed Caps for Nontraditional Property Owners
•Property taxes on a $230,000 home under current System: $5,354 per year or $446 per month
•Property taxes on a $230,000 home under proposed System: $2760 per year or $230 per month
•A tax savings of $2,594 per year or $216 per month

Property Taxes on a $500,000 home compared with Proposed Caps for Nontraditional Property Owners
•Property taxes on $500,000 home under current system: $11,640 per year or $970 per month
•Property taxes on $500,000 home under proposed system: $6,000 per year or $500 per month
•A tax savings of $5,640 per year or $470 per month

OTHER CONSIDERATIONS

Fact: $25 billion in property tax revenues for 2005-2006 fiscal year.
Fact: 8.87 million workers in Florida

1. What will the impact be after eliminating property taxes for full-time residents & tax caps for part-time residents and homeowners with second homes?
2. Of the 8.87 million workers in Florida, how many would not qualify for state income taxes?
3.Of the remaining qualified workers, how much revenue will be collected?
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Old 02-19-2007, 09:25 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,968,881 times
Reputation: 991
I dont see property taxes being elimated. The state would need the money elsewhere. There would need to be like 10% state income tax(perhaps a lower percent for low brackets) and/or a massive increase in sales tax(then people will just buy less and order from ebay or online vendors) I think the best thing is just remove the "save our homes" which is keeping taxes artifically low for some and make all of us pay an equal tax, now thats fair.
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Old 02-19-2007, 09:27 PM
 
224 posts, read 988,670 times
Reputation: 111
A state income tax would seem logical, but the people on fixed income would never go for it. The State has been broke ever since I can remember, they just plain need some money but that's how it goes.
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Old 02-19-2007, 09:58 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,968,881 times
Reputation: 991
Quote:
Originally Posted by Edvard View Post
A state income tax would seem logical, but the people on fixed income would never go for it. The State has been broke ever since I can remember, they just plain need some money but that's how it goes.

why not? If those people dont make much they dont pay much state income tax. They would save alot more on property taxes. I could see those renting with reason to complain, perhaps the state should also control the rent like its being done in Canada, the landlords can not ask too much for rent.
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Old 02-19-2007, 10:16 PM
 
Location: Tampa
53 posts, read 241,000 times
Reputation: 37
Default Income Tax

You would not tax people who fall at or below poverty level. You will be paying a lesser amount in taxes and it will come out of your paycheck instead of out of your checkbook. It hurts worse when you pay it with your mortgage.

Typically, the more you make, the more house you buy, so it works out the same way in income taxes, yet less. You will eliminate taxes for residents and alleviate high property taxes on nonresidents and businesses who are being priced out too.

$40,000 a year = $1200 state income taxes for the year ($100 month)
$80,000 a year = $2400 state income taxes for the year ($200 month)

We will be paying over $1300 a month in property taxes, and we have homestead. If we lived across the county line, we would be paying $800 a month in property taxes. If we lived in similar cities in other US states, we would be paying on average $5000 less per year or $420 less per month.

Do not misunderstand, I do not mind paying my fair share of taxes, and until recently did not realize the disparity in the millage rates or difference between similiar cities.

I started to do some research after I discovered the property appraiser's office was reporting my square footage wrong, and I had them come back and measure our home. More recently, I discovered that almost every house on my street had inflated square footages, and this resulted in a higher assessment for me as the inflated assessments affected my own. I alerted the appraiser's office, and they adjusted the other homes; however, homes on other streets in the community are incorrect and inflated as well. I am trying to alert people as much as I can, but we have to be proactive on these issues and stay alert to what is going on in government and spending.

The system is broken, and the burden rests solely on property owners. That burden should be spread across all people as they rely on the same services. I love Tampa, but I do not like the current structure of the tax system, so I am taking action in hopes that someone listens and committs to change that has real results.
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Old 02-20-2007, 12:37 AM
 
Location: Port St. Lucie and Okeechobee, FL
1,305 posts, read 5,014,468 times
Reputation: 1079
Quote:
Originally Posted by Edvard View Post
The State has been broke ever since I can remember, they just plain need some money but that's how it goes.
Florida has a revenue surplus. I've seen estimates from $1.5 Billion to $48.79 Billion. The lower number is probably correct; the higher number includes any amount held in a reserve account by any government agency at the end of a budget year. But, the simple fact is that the state is not broke.

Of course, if they actually funded the services needed by the residents, they would have to raise revenue.
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