More ideas for property tax (property taxes, budget, condo)

[tallrick]

Since tax reform is Florida's #1 issue, this HAS to be settled. I am concerned that the new tax plans comming out of Talahassee aren't good enough. The biggest problem in Florida is Save Our Homes which is an unconstitutional amendment which unfaiirly burdens some while helping others. Trouble is, people on fixed incomes have grown to depend on it for survival. Portability will surely be challenged in court, but this amendment has to go. I know of several elderly people who would prefer to move to a condo, but can't due to the real fear of higher taxes. If these homes were put on the market, it would give new families who desperately need the space a chance. Here's my plan

How about a cap on property taxes based on taxable income? Seniors who survive on Social Security have no taxable income, so their property taxes would be eliminated. Low income people could benefit from a tax cap of , let's say 5% of income? One neighbor of mine wants to move, badly, but her 800.00 a year tax bill is hard to beat. So she stays in a deterriorating home, instead of selling and buying a new condo.

[kort677]

Originally Posted by tallrick

Since tax reform is Florida's #1 issue, this HAS to be settled. I am concerned that the new tax plans comming out of Talahassee aren't good enough. The biggest problem in Florida is Save Our Homes which is an unconstitutional amendment which unfaiirly burdens some while helping others. Trouble is, people on fixed incomes have grown to depend on it for survival. Portability will surely be challenged in court, but this amendment has to go. I know of several elderly people who would prefer to move to a condo, but can't due to the real fear of higher taxes. If these homes were put on the market, it would give new families who desperately need the space a chance. Here's my plan

How about a cap on property taxes based on taxable income? Seniors who survive on Social Security have no taxable income, so their property taxes would be eliminated. Low income people could benefit from a tax cap of , let's say 5% of income? One neighbor of mine wants to move, badly, but her 800.00 a year tax bill is hard to beat. So she stays in a deterriorating home, instead of selling and buying a new condo.

why don't you just cut the crap and say that you're for an income tax in FLA!
I am already subsidizing the so called poor, now you want me to pick up the tab for a whole new class of parasites?

property taxes are based on property values, and what people own is usually based on income or net worth, you aren't going to find too many millionaires in double wides, so in an odd way property taxes are already based on income.

You are correct, the current system is bad, it penalizes newcomers and traps people in homes they've lived in for years. It is stifling the lower end of the market because many lower income people cannot afford to leave the homes that they're in and since they don't move there's less low end homes for the young and low income people to get into.

What is the answer? I don't know, I liked the idea of a higher sales tax, it is fair, it hits everyone, even the underground economy people who otherwise avoid taxes and if it is done right I think most people would come out ahead of the game. another alternative is to roll back taxes and cut government services, unfortunately there are dozens of constituencies that have become dependent on government handouts and will squeal like there's no tomorrow when the free lunches end.

One thing we can all agree on is that the current system has got to go.

[tallrick]

This is not a proposal for an income tax, it was just an idea to limit the possibility of anyone, ever being taxed out of their home. I prefer the sales tax, but it is not going to pass, we have too many people in Florida who want to pay outrageous property taxes.

[121804]

What sort of increase in sales tax would be proposed? Yeah, sure, a raise in sales tax may intially hit a little hard, but is it going to end up costing the homeowner MORE a year than what they would save in prop taxes?

Something is going to have to give. Personally, I am really curious to see what hurricane season brings. I feel lots [prop tax, hoi, sales tax, building, buying ] is teetering on this season & the next few b/c of the past year or so in the FL RE market.

[tallrick]

Do you think it's better to get a hurricane or not to?

[121804]

I think it may push the lever for either more buying or selling if it is an easier season. People may be more confident if FL goes free this season. I think the state will have a hell of a time w/ HOI if there are storms that do damage and prop values will have to be adjusted & might deflate/inflate. Taxes may go on the back burner if a state of emergency is announced in any area. But that is just my opinion.

Tourists will pay the sales tax to visit Disney. Spring breakers will pay sales tax to have a few weeks in the sun. Retirees will pay sales tax to golf everyday in sunshine.

The residents of FL have to get a break in prop taxes. I think the retiree/eldery pop down here though is going to have a big say in having to pay sales tax and yet want their prop dropped. The younger crowd will also, but I see a lot riding on the older crowd.

What is considered low income for a cap? The middle class can't get ignored b/c they are probably going to be the biggest group of homebuyers over the coming years.

[tallrick]

I would say, low income in Florida is anything under 30K taxable income.

[kort677]

Originally Posted by tallrick

I would say, low income in Florida is anything under 30K taxable income.

for a family of 4 that's poverty level

[121804]

I use to know the stats, but I am wondering what the national average is right now for income in the nation and then in Florida.

Could a person on a $30,000/yr budget truly afford a home anywhere in the US?

Are there non-income tax states that have a decent property tax program?