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Back in the early 1980s, the Florida legislature convinced voters that the Florida Lottery was needed to fund education. It does, the problem is the money raised by the lottery is now offset by removing the assigned dollars to the general tax fund. A-B= 0.
I see this as another bait and switch. Most recently the legislature convinced voters to approve an additional $25,000 homestead exemption for War Veterans. This would allow a vet to get $50,000 vs. $25,000 off of their assessed property value. This proposal passed easily this past November. After the passage, it was discovered that the information on the ballot failed to clarify that you had to be a FLORIDA resident at the time of enlistment in order to get this exemption!
Now the Republican House Speaker has proposed raising the State sales tax to 8.5% & 9.5% in Miami-Dade County and in order to lower property taxes on homestead properties by 19%. They want to put this on the ballot in a Special Election this summer instead of waiting to put it on the ballot during a primary or general election because they know there will not be a huge turnout, giving them the opportunity to pass the measure.
The legislature is going about this the wrong way. How about lowering the State’s expenses by removing lobbyists from the political process. The legislature approved insurance premiums over the last 4 years by 70%. They now have decided to lower the insurance rates by 20%. Over a period of 4 years, the increase of insurance is now 56% vs. 70%. This is not helping the citizens of Florida. The Governors number one campaign contributor was the insurance companies!
The My Safe Florida Home project stole 2.9 Million dollars of the State’s resources and there has not been one gable reinforced since the pilot program was conducted.
Those that have property investments will not benefit from this new proposal because the property cannot be homesteaded.
I encourage you to get the word out to your clients and anyone in the real estate community.
This proposal is like the equilivant of getting 10% off during a Macy’s sale knowing that the merchandise is marked up 300%.