Florida Real Estate News - 04/05/07
FLORIDA HOME SAFETY
A new law, crafted during the Florida Legislature’s special session in January, calls for the creation of a system to rate each home’s ability to withstand storm winds. Lawmakers are working out the details, and one proposal received backing yesterday from the Florida Office of Insurance Regulation.
FLORIDA PROPERTY TAXES
If home prices in a neighborhood fall, non-homesteaded property owners could see a property tax decrease while homesteaded owners pay more. Under the Save Our Homes cap, tax cap values for homesteaded homes can continue to rise 3 percent annually until they reach market value.
Of course, this all depends upon the tax rate (millage rate) that are established by the various governmental units.
Remember that property taxes are assessed value times the tax rate!
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