On Wednesday, I had a chance to meet with Polk Property Appraiser, Marsha Faux regarding the property tax issues and challenges of 2008. Of course Amendment one passed in last year's election adding an additional $25,000 homestead to the list of possible exemptions. In 2008, 79,652 properties recieved an aditional exemption, lowering property taxes for homeowners at a times they really needed it.
Additional key point of interest is the assessment limitation, Amendment 10, is commonly referred to as the "Save Our Homes" cap. The law limits value increases to 3% or an amount equal to the Consumer PRice Index - whichever is less. Due to the recent decline in home values this cap seems useless as most homes have not appreciated causing their to be a cap on increased taxes. Congress is in special session this week to discuss potentially reducing that cap to 5%. This is especially significant on commercial property owners, as those properties have experienced a more "normal" valuation changes in the past two years. Most studies confirm that the commericial property owners are those who spend more locally. Whether it be on retail goods and service, entertainment, etc. protecting their bottom line and disposable income, trickles down to a better economy for all residents. This was an interesting insight to how an outdated Amendment's current affect. Amendment 10 was passed in 1992 when increasing appreciation was thought to be a given.
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