What was it, almost 30 years ago that California approved Proposition 13, one of the most dramatic property tax reductions in U.S.history?? Well, 2008 is going to be our year! Floridians are going to get back on the road to the American dream and we are going to see property taxes go down and home sales sky rocket. Florida's problem right now is very similar to what California faced back in the 70's. The amount of new residents and growth made real estate values go up and property taxes hit the roof. And unfortunately, this problem is resulting in more and more people deciding to move out of Florida and set up camp elsewhere. Some say that Floridians shouldn't be so grumpy about it because they don't have a state income tax.....well, you know what I say to that??? We may not have a that tax but look at those darn homeowners insurance premiums!! There's a high price to pay when you live on these beautiful beaches. Or so they say.
Governor Charlie Crist has pledged to "make living in Florida more affordable". He has called for a $34 billion reduction as well as dramatic increases in the $25,000 exemption from taxable home value that homeowners currently receive. And at the same time, he is trying to put those money hungry insurance companies in their place and prevent them from robbing us blind.
While Crist is trying to do his job, let's do ours. Californians voted on Proposition 13 in 1978 and look where it got them? Let Florida get there too. It will probably have to be put to a constitutional referendum as a part of Florida's presidential primary. If it is.....do you know what you would vote for?
California does sound like a success story in so many ways, but it didn't implement Proposition 13 in the middle of an economic depression of pandemic porportions. Many of my customers are complaining about their real estate taxes going up. Is it possible that what worked for California may not work for Florida?