Faced with the defects of the system and the inability of local authorities to produce adjusted millage to avoid the exuberant increases in property taxation that has resulted in a financial crisis in the State of Florida, we are presenting to the citizens the following synthesis of a proposition that would reform the actual taxation process. 

We hereby propose the following:

1.  Limit the taxation of real estate property to 1.5% percent of the taxable property value.

2.  Limit the yearly increase to 3% or to the Consumer Price Index (CPI), whichever is less based on the prior year.  The value of improvement and additions would be added to the market value.

3.  The exemption will be based on the median price of single family homes.  This formula will be applied at the city or county level.  Each year the exemption will change exactly in the same quantity as the market value minus the percentage of increase in taxable value.  Owners with low income will have an additional exemption equivalent to the median value of single family homes.

4.  Any kind of increase on taxation beyond that which is established in this law can only be done through citizen’s decision and only presented in general elections.

5.  This amendment allows property owners the choice between Save Our Homes (SOH) or this proposition.

This way we will give the same protection to ALL owners and end the inequality thus avoiding the repeated issues regarding neighbors with properties of the same value paying different amounts.

This amendment will provide the same protection to rental property owners.  This avoids the owners from having to raise rents as a consequence of uncontrolled tax increase.  Instead, the pricing of rentals will be based on the laws of supply and demand as in any free market economy.

By placing a cap at 3% to the taxable value avoids a repetition of the existing crisis where taxes get out of control.

Fiscal income will grow with this 3% cap as well as with new houses being built.

The voting citizens will therefore have the power to regulate taxation and thus will prevent those individuals that have already demonstrated that they have been unable to avoid this crisis to continue to abuse their power.

This measure give property owners the option of choosing the law the gives them the most benefits in terms of tax savings.

Please click here to see a table of what your property taxes would be based on our proposal and also taxes if you qualify as low-income owner.

SOURCE:  www.mydreamlocale.com/Relocation_Florida.php