No one really is safe - the legislature is in session, and ...

... two bills are pending in the House, sponsored by Representative Pat Patterson, Republican from Deland (Volusia County). The bills propose to change the entire fabric of Florida's assessment laws.

In effect, the bills would replace "value in exchange" or "fair market value" which is about equality of taxation, and protects property rights, to a theory called "value in use". "Value in use" includes intangibles - and not just any intangibles but the really valuable intangibles such as the revenue of a business, and the value of good will, and the value of stock.

"Value in use" taxes who you are, in a sense that is not real property or tangible property, and does not get to "fair market value" unless all of the intangibles are removed. How many homeowners, or even businesses, will be able to afford these tax increases?

And why are these proposed bills even filed? The Governor and the Republican members of the legislature are promoting their reduction of the state's intangible tax, and are advocating portability of homesteaded caps, but it seems as if what the left hand taketh away, the right hand puts back and more.

Do you want to lower your property taxes? Ad valorem taxes are based upon valuation methods, modified by state laws and regulations.
CPS knows due process procedures and value applications should be applied to your real and tangible taxes. If you have a question, or need professional services, for a free consultation, contact CPS at 1-305-372-9200 or email us at cps1@flash.net.