Naples Florida Real Estate News - 10/12/07
REAL ESTATE TAXES - The special session on property taxes begins today. Legislative leaders expect to negotiate a real estate tax reform deal by the middle of next week, though the new session officially runs through Oct. 29.
Also, more than 150 taxpayers told members of the state Taxation and Budget Reform Commission Wednesday at a Fort Lauderdale meeting that stronger action is needed to cut property taxes.
Across Florida, 156 cities or towns — 41 percent of 382 reporting municipalities, according to state figures — have decided to defy the state Legislature’s June mandate to lower property taxes by using override options. The surprise? There hasn’t been much backlash from angry residents, either.
MORTGAGE RATES - Rates on 30-year mortgages edged up slightly this week to an average 6.40 percent following a better-than-expected report on job growth, according to Freddie Mac’s nationwide survey.
FORECLOSURES - The turmoil in the mortgage industry also affects renters. A rising number of landlords are falling behind on mortgage payments, which is sending their properties into foreclosure and, in many cases, forcing tenants out of their homes. Generally, in a lease there is specific language which places the lease agreement in a subordinated position, therefore, the tenant faces eviction after the foreclosure.
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