Real Estate in Bradenton Florida

Save Our Homes -The 3 percent tax cap was designed in 1992 to assist older people to be able to afford to keep their homes in the later years of their lives instead of being forced out of their homes by high taxes. The cap is only for primary residences. It's a complicated situation now because many homeowners would like to move but feel trapped to stay where they are in order to keep that tax benefit. For example a home at the beach for 120k in 1992 may be worth over 1 million dollars today. Now, Ken Wilkinson, the original designer of the law, is looking to create a portability to this benefit so owners may take the percentage of savings that they have in their existing property to their next home anywhere in the state of Florida. This would carry a $400,000 cap between the assessed and market values of a home which would diminish some of the savings in the beach example. If you back this portability then look for the website (coming soon) for "Save Our Homes Portability Inc" to sign a petition. The flip side of this is that Florida real estate owners who do not live in their property end up carrying a higher portion of the taxes since they don't get this benefit and pay the full freight each year. So, second home owners and investors carry a larger tax load.