10 11 07Parrish Presentation

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Information about 10 11 07Parrish Presentation

Published on January 15, 2008

Author: Davide

Source: authorstream.com

Slide1:  Real Property Tax Reform for Florida Families A Presentation to the Florida Taxation & Budget Reform Commission October 11, 2007 Slide2:  One of the fastest growth rates in the nation. Broward’s tax roll value is LARGER than several states. VERY HIGH concentration of condos – average of 642 condo unit/sq mile. Approximately 75% of the tax roll is residential based on taxable value – and 90% of all parcels are residential properties. Broward County Property Facts: Slide3:  1.8 Million Residents. 835,000 Parcels and TPP Accounts. $176.4 Billion in Taxable Value. 423 Square Miles of Non-Conservation, Developable Land. Broward County in 2007: Slide4:  Total of All Real Property Sales in Broward: 2005: 71,245 2006: 51,332 07-YTD: 23,513 (10-9-07) Total Residential Sales: 2005: 67,600 2006: 49,420 07-YTD: 22,068 (10-9-07) Recent Broward Market Activity Taxpayers Demand Real Relief.:  Taxpayers Demand Real Relief. “Florida taxpayers are fortunate that the Governor, the Legislature and the State Tax Reform Commission all seem intent on examining every option to provide meaningful property tax relief for all property owners.” - Lori Parrish Slide6:  First-Time Homebuyers Assessment Limitation. Eliminate taxes on the first $25,000 in value of All TPP accounts. Ending “Double Taxation” Document Stamp Taxes for No Consideration “Love and Affection” Deed Transfers. Truth in Co-Operative Property Transfers. Tax Rate Disclosure – DOR Data. Save Our Homes Portability. The Parrish Tax Reform Agenda First-Time Homebuyer’s Assessment Limitation Amendment:  First-Time Homebuyer’s Assessment Limitation Amendment Constitutional Amendment provides for a county local option for first-time homesteaders for up to $100,000 in assessment “exclusion” (or reduction) over a five year period -- provided that the homeowner remains homesteaded in the property for the full five years. Provides for a 120% (moderate income) of HUD-adjusted area median income. Eligible owners who fail to remain in the residence for the full five years must repay the additional tax savings previously claimed. Makes it possible for local workforce to purchase housing. Eliminate Taxes on Personal Property Accounts Worth Under $25,000:  Eliminate Taxes on Personal Property Accounts Worth Under $25,000 Entirely eliminate (exclude) the first $25,000 in value of all TPP accounts from taxation. Taxpayer has affirmative duty to file a tax return if TPP value ever exceeds $25,000. Cost/Benefit analysis will show this will eliminate over 80% of all Tangible Personal Property accounts in Broward County – and result in taxpayer and agency savings through program reductions and reassignment of personnel. End the Double Taxation on Spousal & Family Property Transfers:  End the Double Taxation on Spousal & Family Property Transfers The problem: A taxpayer pays doc stamps on the full value of a mortgage when it was originally recorded, and upon the deed when a property was first purchased. Despite this, a Florida property owner who adds a spouse or adult child (for estate planning) to the title of residential property, is hit with document stamp taxes again based upon the balance of the existing mortgage. Likewise, when a joint tenant deeds his/her interest to the other joint tenant(s), more doc stamps are owing again based upon the balance of the existing mortgage. This is double taxation! Amend Florida statutes to require only the minimum document stamp tax on “love and affection” deeds of previously mortgaged real property transferred between family members when no consideration changes hands and the grantor or grantee previously paid documentary stamps on the same mortgage to which he/she would be expected to pay again on a proportional share of outstanding mortgage balance. Truth in Co-Operative Property Transfers:  Truth in Co-Operative Property Transfers The problem: Widespread under-reporting and mis-reporting on the true consideration paid for co-op units results in underassessment of co-ops and higher tax bills for owners of non co-op properties. Amend Florida law to require that the full consideration paid in any transfers of any ownership interest in a co-operative corporation be reported in the recorded documents. Require documentary stamp taxes be paid based upon true and full amount of consideration. Truth in Tax Rates: DOR Data:  Truth in Tax Rates: DOR Data Require the Florida Department of Revenue to produce an annual report showing what counties and cities increased property taxes during the prior years, by what percentage, and by property classification. Require DOR and all Florida Property Appraisers to publish said data on their respective websites. Slide12:  “Unlocking the door to more reasonable property taxes, a healthier real estate market, and new home ownership” PORTABILITY Slide13:  A State Constitutional Amendment designed to protect Florida homeowner rights by allowing a once-in-a-lifetime transfer of the Save Our Homes advantage to another homesteaded property of equal or greater assessed value. The Parrish Proposal Slide14:  Must be county “local option” – just like the other property tax exemptions. County Commission must approve enactment. Restricted to portability only within the same county. Transfer of equal or greater value. Parrish Proposal Facts: Slide15:  November 2006 Portability Straw Ballot Election Results: YES: 77% - 283,617 No: 23% - 86,507 Broward Strongly Supports Portability Slide16:  Much uncertainty still remains as to if or when Floridians will get real tax relief – and as to how much or how little it will ultimately be. Hopefully, this presentation suggested several ways to help Florida’s struggling taxpayers. www.bcpa.net

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