Florida landlords - Posted by Jeremy FL

Posted by Wayne-NC on August 24, 2006 at 11:20:42:

The fair tax proposal is what you are hinting at. Steve Forbes is very close to a perfect solution. Not having children? Well,you have to pay for those that do and can’t afford it. Society says so (although you are correct). People who use the most services should pay more for it. Quite the opposite in todays USA and there in lies the problem. Read my post above in this thread and that will explain the substantial rise of property taxes in Fl. I don’t think that you are too far off topic with this as the decisions that are made concerning taxes have far reaching implications in everything that we do, including but not limited to REI. Not understanding the systems and how they work is a receipe for failure as it causes wrong voting decisions. And that my friend could create a disaster! Always nice to still see you around. Invest on.

Florida landlords - Posted by Jeremy FL

Posted by Jeremy FL on August 21, 2006 at 19:17:31:

Wow! I got my estimated tax bill today and I am shocked. My average house is going up about $1100-1300 a year. This is from $2700-3000 to 3800-4300. My multi-families are even worse. I just can’t see how they can assess these properties that much higher. Anyway I guess I will be raising my rents I see no other solution. Just curious if everyone is in the same boat?

Re: Florida landlords - Posted by Alexander (FL)

Posted by Alexander (FL) on August 25, 2006 at 18:27:12:

Consider yourself lucky if you are paying under 30 mils (the highest millage allowed by the state)per assessed value.
In Miami, my tax bill is the maximum allowed by the state…about $15K for the year.

What gets to me more thatn the amount I pay is the poor services the poor services that are rendered by the county.
Sometimes I do question whether it would make sense to move…

Bottom Line! - Posted by Wayne-NC

Posted by Wayne-NC on August 23, 2006 at 09:01:40:

Florida needs money! Well, so does California, NY, NJ, etc. What good is the real estate if the people that live on it take from the system more that they put in. That group is growing faster than the other and we all have our ideas as to how and/or where they come from. Anyway, here is an interesting example of taxes. My grandfather was smart enough to purchase a small oceanfront bungalow in NJ in 1950. As early as the mid 80’s I distinctly recall him complaining that the “taxes on the place are more that I paid for it”! He purchased it for $5,000 and taxes were approaching six grand at the time! I have purchased my fathers house located in Largo, Florida from his estate and discovered that he paid $47K for it in 1979 (that was recently appraised at $235K). What will the taxes be in the year 2014 given the current rate of tax increases? What will the rents be for the people who have to live there? Where is the money going? Probably back to the group of people renting to assist them with the high cost of society. And the merry-go-round begins.

Re: Florida landlords - Posted by Tommy_FL

Posted by Tommy_FL on August 22, 2006 at 12:45:47:

Last year, they raised my condo-residence from $3200 to $4000… Likewise, I just got my tax estimate and it’s gonna be from $4000 to $5200!!! Last year they raised the assessed value by $40000, this year my assessed value will jump another $70000… Meanwhile, condo prices seem to level off. What is happening to Florida? Thinking of moving to Texas or NC.

Re: Florida landlords - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on August 22, 2006 at 10:30:30:

Everyone is in the same boat…even in markets that have not seen a lot of appreciation. This seems to be the year that the auditors are busy little beavers.

What are ya gonna do…death and taxes.

Re: Bottom Line! - Posted by Jeremy FL

Posted by Jeremy FL on August 23, 2006 at 13:16:19:

I here what you are saying if that was the case. On one of my properties they sent a flyer that says the homesteaders are paying less than 4% OF annual increases leaving business and non-homsteaders 96%. They are predicting an additional 176 million in revenue this year alone. This is just for Volusia County. Why can’t they simply lower the millage rate? Businesses and landlords can’t keep pace with this kind of increase. Not to mention if prices level or go down are they going to adjust downward? Just venting out loud.

Re: Bottom Line! - Posted by Natalie-VA

Posted by Natalie-VA on August 23, 2006 at 15:00:01:

I’m not in Florida, but I don’t like that whole homestead thing. I think everyone should pay their fair share.


I beg to differ, somewhat. - Posted by Wayne-NC

Posted by Wayne-NC on August 24, 2006 at 09:16:29:

The way the homestead exemption works is (at least the way it used to be if it hasn’t changed)the first $50K of ASSESSSED value is not subject to property tax. Kind of like a tax “deductable”. Granted, as those values rise the exemption becomes less significant to the higher valued properties. However, many people (and you know who they are) live in properties with values less than the exemption, therefore paying no taxes that are badly needed to support their rather large families in school, should they choose to even go! Ofcourse this may change as the assessed values rise. Anyway, the idea is good to help and encourage those that live there, but the system needs to be more fair. I propose to tax the first $50K and leave the 2ND $50K as the exemption and then obviously anything above $100K is again taxed using the current milage rates. This way everybody at least pays something. What do you think?

Re: I beg to differ, somewhat. - Posted by Natalie-VA

Posted by Natalie-VA on August 24, 2006 at 10:42:47:

Hi Wayne,

Your way does sound somewhat more fair. This is sort of off topic, but I just think that people should all pay the same based on the value of their house. Two people with identical houses should not have different taxes just because one is a homestead.

I could go on with income taxes. It should be the same percentage of income for everyone. The rich pay more, the poor pay less, but the same percentage should apply. And, no special breaks. Giving people credit for having children? I should get a break for NOT having children.

Anyway, I could rant all day on this one…