Panama City Beach Real Estate Market Conditions
Panama City Beach Real Estate Information | Market Conditions | Boating and Fishing

As most folks in Florida already know our property tax system has run amuck and the more gov’t tried to help us the worse things got! The good news is we now have a GOOD choice to try and get some relief. Recently the Cut Property Taxes Now, Inc. has come up with the only solution that I have seen that makes sense. The recent Super Homestead Exception was a joke in IMHO. I know many of my peers including the Bay County Association of REALTORS(R) and the Florida Association of REALTORS(R) supported it. I did not. It just didnt make sense to me after I did the math. I am glad it is DOA.

Ok, ok so whats the solution? Limit ad valorem taxes to 1.25% of the taxable value of real property!

Here we go!

How Much Will You Save?

Your total property tax bill is capped at 1.25% of the TAXABLE VALUE of your property. Taxable value is the amount the property appraiser assesses your property at MINUS all exemptions you are eligible for including HOMESTEAD, SPECIAL EXEMPTIONS and SAVE OUR HOMES. Yes you read that correctly SAVE OUR HOMES SURVIVES!

ASSESSED VALUE – EXEMPTIONS = TAXABLE VALUE

YOUR TAXABLE VALUE IS $500,000 ->YOUR MAXIMUM PROPERTY TAX IS $6,250

What’s not to like? Well not a DARN thing! This REALLY makes sense!

What can you do? SIGN THE PETITION! GET YOUR FRIENDS AND FAMILY TO SIGN THE PETITON!

Where do you get the Petiton? Go to CutPropertyTaxesNow.com
Its easy, its FREE and all you have to loose is PROPERTY TAXES! You can do it fill it out online or download blank petitions and you can even send them to friends and family from the web site!

SEE THE BALLOT MEASRURE BELOW FOR THE DETAILS OR VISIT CutPropertyTaxesNow.com

Ballot Summary
Ballot Title: Limits ad valorem taxes to 1.25% of the taxable value of real property
Provides a 1.25% limit on the total of all ad valorem taxes levied against any real property in a given year. Limit applies to the property value that remains after reductions from assessed value for constitutional and statutory exemptions. Revenue reductions for the various taxing authorities caused by the cap will be as prescribed by general law. This amendment supersedes all constitutional provisions that exist on its effective date.

Full Text of the Proposed Amendment
Section 1. Article VII, Section 4, of the State Constitution is amended by adding a new Paragraph (f) to read:

ARTICLE VII. FINANCE AND TAXATION

SECTION 4. Taxation; assessments.–By general law regulations shall be prescribed which shall secure a just valuation of all property for ad valorem taxation, provided:

(f) For purposes of this paragraph, “taxable value” means the assessed value of any real property as reduced by any and all exemptions or other reductions as provided in this Article or in any general law adopted pursuant hereto. In no event shall the cumulative amount of all ad valorem taxes levied against any real property for a given tax year per this Constitution or general law adopted pursuant hereto exceed one and one-fourth percent (1.25%) of the taxable value of such property. If the cumulative levy would exceed such limit but for this Paragraph, each component of the cumulative levy shall be reduced as provided by general law. The provisions of this amendment supersede any other provisions of this Constitution that exist on the effective date hereof and any and all conflicts or inconsistencies between the provisions hereof and said existing provisions shall be reconciled in a manner that gives full force and effect to the provisions of this amendment.

STILL NOT SURE?

Here’s the FAQ:

My Taxes
Will the 1.25% property tax cap plan cut my taxes?

Yes! You will pay no more than 1.25% of your property’s taxable value (see below) in taxes. For instance, if the “taxable” value on your TRIM notice is $100,000, the most you will pay is $1,250 in taxes.

But I could sell my house now for $300,000, if I am taxed on that, won’t my taxes go up?

The 1.25% tax cap would NOT apply to what you can sell your house for (its “just” or “market value”). It would apply to the “taxable” value which is usually much lower for homestead property owners. So the taxes would go down compared to current taxes.

So what happens if my “taxable value” is $200,000 but my “just” or “market value” is $300,000?

You would be taxed at the “taxable value” and your taxes would be $2,500. On average, such a house is charged about $3,750 or more in property taxes. So the 1.25% property tax cap would save such a homeowner $1,250 a year in property taxes.

I have a business that is classified as “non-homestead” property and I have no Save Our Homes protection. Will I see a tax cut?

Yes. The 1.25% tax cap applies to all property owners, whether classified as “homestead” or not. So if your business property has a taxable value of $500,000 your taxes would be no more than $6,250.00.

So your tax cap applies to “homesteaders” AND “non-homesteaders”?

Yes! Each group will see a major cut in their taxes.

I don’t live in Florida and am a “snowbird”. I am not sure I can come to Florida anymore if my taxes aren’t cut. Will your plan help me?

Yes! As a “non-homestead” property owner, you will see a major tax cut and pay no more than 1.25% of your property’s taxable value in taxes.

Impact on Florida Economy
Will your plan help Florida’s real estate market that is spiraling downward every month?

Yes! When property taxes are cut, people will buy houses and invest in commercial real estate. This will spur our slumping economy as more and more people buy and sell real estate.

Will your plan help the overall Florida economy?

Yes! This year, state government had a $ 1.5 billion revenue shortfall because the economy has been damaged by high property taxes. Cutting property taxes will create the necessary shot in the arm the economy needs. Right now, people aren’t buying houses and all the furniture and other items that go with such a purchase. The effect is rippling through the economy as movers, manufacturers, stores and the rest are impacted by low property sales. In addition, high taxes mean less money in people’s pocket, so the economy is suffering.

Impact on Local Government and School Budgets.
Our local government and school budgets have doubled since 2000. Will the 1.25% plan cut government back to size?

Yes! Property tax revenues will decrease on average 25% across the state. In 2006 local governments and school budgets collected $30.4 billion in taxes. This proposal would cut their collections back to $22.4 Billion.

Wait a minute, how will our governments run with less money? Won’t government services be cut to the bone?

State and local government can get by with smaller budgets. In fact, they operated just fine with half the money just seven years ago. Their budgets have more than doubled at a time when Florida incomes have gone up only a bout 40%!

Doesn’t your plan hurt schools?

No. Our plan allows for the state government in Tallahassee to decide what percentage of property taxes go to the schools. They may decide that the schools should get 55% of property tax revenues, compared to the current 40% they receive. A 55% apportionment will give them the same amount they collected in 2006: $12.3 billion.

Also, school budgets have increased only 70% since 2000, while counties, cities and special districts have gone up 80-110%. So the impact of our 1.25% cap will be less on the schools.

Under our plan Tallahassee can make sure the schools get what they deserve by:

Why not just make the local elected officials cut their budgets and if they don’t, replace them?

Dozens of grassroots tax reform groups around the state have tried for over a year to appeal to Democrat and Republican council members, board members and commissioners to cut their budgets. Most refused. In fact most have fought all cuts every step of the way by buying political ads with our tax dollars and hiring lobbyists (with our tax dollars) to fight tax cuts in Tallahassee. Since they have demonstrated they can’t act responsibly, we think it is time to impose limits on their power to tax hard working Floridians.

Can Tallahassee replace “lost” revenue with other taxes if it is needed?

Yes. It is up to the policy makers in Tallahassee to address the need for new revenue. Our plan simply cuts property taxes for all property owners in Florida.

Try to get involved…like I wrote… all you have to loose is some of your PROPERTY TAXES!
Kind regards, Capt. Mike Foate- By Land or By Sea!
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P.S. If you like our service please don’t keep us a secret!
We GREATLY appreciate all referrals.

SEARCH THE PANAMA CITY MLS FOR FREE!
http://www.vivianfoate.com

SEE ALL WATERFRONT CONDOS FOR SALE!
http://www.vivianfoate.com/condos/condo-search/
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CAPT. MIKE’S CELL: 850-596-4236
VIVIAN’S CELL: 850-814-2372
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413

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