Naples Florida Real Estate News - 10/29/07
FLORIDA REAL ESTATE TAXES - At mid-afternoon, the Florida House was still deliberating over a leaner real estate tax reform package passed out today by the Senate. The proposal would increase the homestead exemption for properties worth at least $75,000 – except for school taxes; would provide a 10 percent cap for non-homestead properties, except for school taxes; and includes a ”portability” provision allowing homesteaders to take at least part of the benefits they get from the existing Save Our Homes assessment cap with them they move. Lawmakers have until 11:59 p.m. to pass some sort of real estate tax relief measure if it’s to go before voters on the Jan. 29 ballot.
LUXURY HOMES AND CONDOS - Florida homes and condos with price tags of $1 million or more are still changing hands at roughly the same price, albeit not as briskly as they did a year ago, according to recent real estate data. Wealthy foreign buyers have helped buoy the Florida market’s upper end, analysts note, adding that the state continues to appeal to wealthy retirees and to second-home buyers, particularly from the Northeastern U.S.
ECONOMY Will the Federal Reserve cut interest rates again? After sifting through mixed corporate profit reports and uneven readings on the economy, Wall Street will find out the answer when the Fed meets Tuesday and Wednesday. Most investors expect policymakers will decide tight credit is the bigger risk to the economy and lower rates.
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