The Florida legislature met the deadline to have the tax reform make the January 29, 2008 vote. There were compromises with some highlights below. I have also provided a link with the tax matrix provided by the Florida Association of Realtors (FAR) that summarizes the different tax issues. This is for basic information purposes only. Please seek the advice of your tax professional on how these changes may affect you if passed.

1. Portability: Homestead Owners can transfer their tax saving (up to a $500,000) if upsizing

2. Doubling of the homestead exemption for homes valued more than $75,000

3. Homestead tax increase cap: Lesser of 3% or CPI

4. 10% Non-homestead property tax cap

5. No Fist time homebuyer exemption

This is just a quick overview.

Tax Matrix

Choctawhatchee Bay

Maybe it was the full moon or the approach of Halloween, but there was actually some good news about real estate markets and the economy published in the New York Times over the weekend.

Reporter Geraldine Fabrikant’s October 27^th article “As Housing in Florida Plummets, the Top Tier of the Market Just Dips” noted that despite a record number of foreclosures in the Sunshine State, the upper tier of the real estate market remains relatively immune to the correction. Fabrikant wrote, “Houses and condominiums with price tags of $1 million or more are still changing hands robustly in some of the most exclusive areas, though at a less brisk pace than a year ago.” (more…)

Florida Senator Don Gaetz

Had the opportunity to hear a presentation by Freshman, Florida State Senator Don Gaetz regarding the possible property tax reforms. We will not know until later this week if the House and Senate can compromise on the two different approaches to resolving our property tax issues so that it can make a proposed constitutional amendment in time for the 29 January primary vote. (more…)

Rendering from the Airport Public site

Just a quick note. Many people have been asking me about the schedule for the Panama City - Bay County International Airport Relocation Project. The Ground Breaking ceremony is scheduled for next month and you can click the link below for the actual schedule published by the Airport Authority via their website. Hope this helps.

Click Here to View Schedule

We’ve heard all the doom and gloom about the real estate market “contraction” or “relaxation” or “slow-down.” Amidst all the sound-bites and fury, it’s easy to lose sight of some very positive factors that make real estate in our area a great buy:

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While many investors, developers and real estate professionals are looking the other way, an undiscovered neighborhood in South Walton County is quietly building momentum toward becoming the area’s next real estate “hot spot.” Have you been keeping an eye on South Walton’s Town Center I?

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Neighborhood of Caribe

If you are a property owner who is not in any particular rush to sell your property, read no further. This is not meant for you. Skip down to the last paragraph of this blog.But if you’re one of the many owners out there who want – even need – to sell their property quickly, the best word of advice we can give you is: (more…)

WaterSound in South Walton, Florida

The St. Joe Company — a.k.a. in real estate discussions as Florida’s 800 Pound Gorilla due to the amount of land the firm owns — has stirred up another round of gloomy commentary with its recent announcement of a change in its business plan. JOE, as it has dubbed itself, says it is getting out of some of its non-core businesses, such (more…)