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Tampa Bay Real Estate News - Property Tax Reducing Amendment Removed from Ballot

Tampa Bay Real Estate News - Well all Tampa Bay property owners and investors got some bad news to followup on the Tampa bay property tax news we received on August 15th when a Leon County Circuit Court removed Amendment 5 (aimed at lowering Florida property taxes) from the November ballot.

The wait is over here's the Tampa Bay real estate news: Florida's Supreme Court decided by a 7-0 ruling on September 3rd that Amendment 5 -  the Property Tax reducing Amendment will not be on the November ballot and their decision is final. 

a stop sign with handThis Supreme Courts' ruling ends an intense fight to help provide property tax relief to Tampa Bay real estate owners as well as all Florida Property onwers. The court's ruled to uphold the Circuit Court's decision to remove Amendment 5 from this fall's ballot because of the language in the property tax amendment which said "education funding would be held harmless". The issue for them was the "language" and the fact that Amendment 5 funding would only be held harmless for the 1st year and then education funding would be determined by the Florida State legislature.  

We will continue to keep you posted on what's happening with Tampa Bay real estate issues that effect you so stay tuned.

Florida property tax website logoThe Florida Association of Realtors, which supported the amendment, decried Cooper's ruling saying "Homeownership is a fundamental right, and Floridians deserve a say on how their property is taxed," said Chuck Bonfiglio, president of the Florida Association of Realtors, in a prepared statement. "We are shocked that the court decided to deny property owners' the ability to dramatically lower their property tax rates."

We as Tampa Bay Realtors and home owners were excited about voting YES for Amendment 5 Property taxes. We believe it would have helped Tampa Bay  Real Estate buyers, residents and renters because everyone should have experience savings.  We also believe it would have helped home sellers since by making Pinellas County homes more affordable and more appealing to buyers who do not currently qualify for homestead exemptions. Remember: Florida property taxes have doubled over last 6 years!

 Amendment 5 had projected savings for Tampa Bay property owners

  • Hillsborough property owners =  23%,
  • Pinellas County property owners  = 25% 
  • Pasco property owners =  32%

Amendment 5 Property Tax Details

Now we'll have to wait and see what happens in the future. Here are the details for the Amendment 5 proposal at Give Me 5 Florida and the actual Amendment 5 property tax proposal.  Benefits: Amendment 5 would have provided much-needed tax relief to Florida's seniors, many of whom fear losing their homes because of an inability to pay higher property taxes on a fixed income.  

Other articles of interest

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Copyright © 2008 Jack and Cyndee Haydon,  Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Tampa Bay Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.

Comment balloon 9 commentsCyndee Haydon • September 04 2008 06:32PM

Comments

Cyndee, sounds like the seniors could have really benefited from Amendment . So nice to see you in the Rain. 

Posted by Mana Tulberg, Real Estate Agent - Camarillo CA (805 County Real Estate) over 10 years ago

Cyndee, I was going to vote YES for Amendment 5, so am very disappointed that it won't be on the ballot. For that matter, I'd vote to replace all property taxes with a higher sales tax.

Posted by Sharon Simms, St. Petersburg FL - CRS CIPS CLHMS RSPS (Coastal Properties Group International - Christie's International) over 10 years ago

Mana - thanks for stopping by - we just got our tax bill for this year and our home value had gone down or exemptions went up by @ $25,000 and my property taxes were still higher than last year - WHAT? We made progress last year with Amendment 1 but we're not done!

Sharon - Glad to hear you were for it too! I was very disappointed to find my own taxes increased this year after all the reductions - I hope they can rework it and get it on the ballot next year - just hate to have to wait another year. Like you I'm for a higher sales tax too!  

Posted by Cyndee Haydon, 727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes (Charles Rutenberg Realty) over 10 years ago

Cyndee- I am so upset about this! I just got the email from FAR about this and I am so dissapointed. This would have really lowered our taxes.

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) over 10 years ago

That is not good news, Cyndee. I have some relocation clients in Florida who were looking forward to the possibilites of positive change regarding property taxes. One has to wonder how they could let this get so far and not have thought about these issues a bit more in the development phase.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) over 10 years ago

Hi Cyndee,

So sorry to hear about this. So, guess it's not acceptable to have the freedom to choose?

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 10 years ago

What a shame, Cyndee. With Florida in such a state, it seems more folks would be inclined to move there, it the property taxes and insurance was not so high. i'm sure it will come up again in the future.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 10 years ago

Cyndee - Sorry to hear the bad news with local taxes. Hopefully if you continue to fight changes will eventually come.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Katerina - I hope they can get it back on the ballot next year!

Jeff - Well I guess the good news is if they are "waiting" now they know what's happening for the next year at least - please keep us in mind if we can help them if they're thinking about the Tampa Bay area :)

Lynda - I guess not - :(

Missy - unfortunately one of the hardest hit markets here is the vacation / resort properties since they saw the biggest increases - since these are mostly purchased by desire not necessity this would have really helped these buyers get off the side lines and buy now!

Bill - the state could have really used some "good" news - I'm sure many will be working to get it back ont he ballot for next year!  

Posted by Cyndee Haydon, 727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes (Charles Rutenberg Realty) over 10 years ago

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