Status of Property Tax Changes

After much effort and numerous proposals, the Florida Legislature did not adopt any changes to the laws governing homesteaded assessments. Instead, the governor announced the formation of a committee to review the ad valorem tax scheme. After the committee meets and takes testimony around the state, it may propose changes to the ad valorem tax laws.

In the meantime, the markets are changing, especially in South Florida. One problem is systemic difficulty in obtaining insurance, and that is affecting properties in various classifications. Without insurance, conventional financing usually cannot be obtained, so sales at any level will not close. Inability to close will shut down the real estate activities around most communities.

By the time the insurance problems are solved, proposed changes to homesteads may not be the priority of legislators - for elections will be over and some of the pandering may disappear.

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.