Is the FL State Budget headed for trouble?

[jlweathers]

i'll look for it...i tried to locate the actual proposal as soon as I heard it passed. but what i found could very well have been the previous proposal; which as you suggested was ruled incomprehensible to the common man by the judge.

will be in touch shortly.

 

[jlweathers]

Dude, I hope you are right but I think that proposal was cancelled by a
judge. Nope its 25 thousand and thats it except for some 10% cap per year that is transferrable to another property if you move.

Our politicians and governor has really disappointed us.

If you find more info on what you suggested in your post I would surely like to read it, I hope I'm wrong here.

i believe, unfortunately, you are correct. from what I have read (& yet to find the actual bill) this proposal is reasonably useless & not worth the gas money i will have to spend to go vote for it; other than to show my displeasure with the effort with a thanks but no thanks NO.

how exactly is a $240 tax break going to stimulate anything? if we do not make damn sure that the boomers head our way we are going to be severely up the creek.

 

[Rambunkscious]

The reason for the state shortfall is the lack of doc stamps. The reason for the lack of doc stamp revenue is due to the lack of real estate transactions.

COUNTY property appraisers value residential properties for your 2007 tax bill as of their sales comps at January 1, 2006 (an abnormal market) so your 07 taxes are based on an abnormal ballooned up market. This is totally unfair but it is Florida law. County appraisers can by law value your property at 100% of its value, most of them do not,but some of them do, showing their "let them eat cake" side. This insensitivity should be remembered when they are up for re-election.

So with the unfair tax burden, many buyers seek property in other states without this burden, so the doc stamps dont get bought and sent to Tallahassee.

It is a vicious cycle and nobody in state government has yet to figure it out. Don Gaetz, our representative is the exception here but he does not have a following statewide.

 

[Rambunkscious]

Dude, I was figuring 20 mills times 25k or $500, but even at that, you are correct that this is in effect not meaningful.

 

[frankfromfla]

Thanks everyone for the comments. Keep them coming. Could it get so bad as for the state to consider bankruptcy or have a shutdown?

Where I was headed was I felt the schools and local goverment should be ok with moderate budget reductions as there income comes from Property taxes but I was more concerned about the General Fund running out of money.

I have a son at FSU and also visited UF recently and sure seems there is a lot of building going on. Wish we could attract the masses to help us out.

I am formally from New Orleans, but left in 2001. Post Katrina one thing we just realized that the older people did not rebuild in areas like Lakeview because they did not want the hassle again. Perhaps our hurricanes of recent years scared new retirees from heading to the Sunshine State....

 

[SHELLY]

i'll look for it...i tried to locate the actual proposal as soon as I heard it passed. but what i found could very well have been the previous proposal; which as you suggested was ruled incomprehensible to the common man by the judge.

will be in touch shortly.

Here Ya Go: (From Orlando Sentinal)

Here is what the Legislature's property-tax-cut package, if approved by voters Jan. 29, would mean to you:

If you own your residence:
The bigger homestead exemption ($50K vs $25K) will save you about $240.

If you buy a more expensive home:
You can apply your accumulated Save Our Homes tax savings to your new home. For example, assume your old home has a market value of $300,000, reduced to a taxable value of $150,000 by SOH. If you buy a new home for $400,000, it would be assessed for tax purposes at $250,000. This benefit is capped at $500,000.

If you buy a less expensive home:
If you trade down to a $200,000 condo, your savings would be figured on a percentage basis. Because SOH was worth 50 percent of your home's value, the tax value of your $200,000 condo would be cut in half, to $100,000. (In both examples, you would also get a homestead exemption.)

If you own business or commercial property:
Your assessment can't increase by more than 10 percent a year. In addition, most of the state's businesses will no longer pay tangible personal-property taxes on their equipment, thanks to a $25,000 exemption.

If you own a second home:
The 10 percent cap will apply.

If you move here from out of state:
You will likely pay higher taxes than your neighbors because you don't have any accumulated savings from SOH.

LESS CASH FOR COUNTIES, SCHOOLS:
Below are the estimated amounts, in millions, that each agency will lose out on in 2008 if voters approve the tax-cut package, based on current tax rates.
County Schools
Brevard $29.7 $2.8
Lake $17.8 $2.9
Orange $56.3 $8.1
Osceola $9.3 $1.7
Polk $26.5 $4.6
Seminole $27.5 $5.6
Volusia $37 $3.4
SOURCE: Florida Senate

 

[Babyblue]

There is a very simple solution to this problem. A state personal income tax. Problem solved. Do I have to think of it all? :shock:

 

[SHELLY]

There is a very simple solution to this problem. A state personal income tax. Problem solved. Do I have to think of it all? :shock:

An even simpler solution: Politicos should stop using our tax money to appease the whims of fat-cat developers and feathering their own retirement nests.

.

 

[jlweathers]

don't like that idea one bit...i don't own a home but i do make some income. how bout consumption?

 

[Bob]

i believe, unfortunately, you are correct. from what I have read (& yet to find the actual bill) this proposal is reasonably useless & not worth the gas money i will have to spend to go vote for it; other than to show my displeasure with the effort with a thanks but no thanks NO.

how exactly is a $240 tax break going to stimulate anything? if we do not make damn sure that the boomers head our way we are going to be severely up the creek.

send me the 240 so I can help pay my bill.