Florida’s down-means-up property tax rule baffling homeowners

Many homeowners across Florida are asking the same question: If the value of my home has dropped, why has my tax bill increased?

Investors still on tax hook

For homeowners in trouble, a short sale can be a lifesaver. Lenders allow a house to be sold for less than is owed on the mortgage and then write off the rest. The homeowner just walks away. Unless the owner is an investor, that is.

Cape's Burnt Store boat ramp reopens Saturday

Under-used FHA loans can aid in home repairs

The faltering real estate market has left many homeowners feeling trapped in homes that no longer suit their needs, but an under-utilized, government-insured loan may be the antidote for some. An FHA loan established in 1996 known as a 203k rehab loan can help homeowners redo their existing home or even help interested home buyers buy a fixer-upper and rehab it without having to take out a second loan.

Is Save Our Homes portability selling houses?

If the market value of a house rises, for example, from $100,000 to $110,000 in a year, or to $200,000 in 10 years, the county tax assessor can raise the market value of the house by only 3 percent per year. So a house worth $100,000 in 1998 can have a maximum market value of only $134,000 in 2008. That means the cumulative effect of Save Our Homes is enormous.

Wind and Flood Insurance

Insurer wants to cover wind and flood insurance in a single policy

Hurricane Mitigation

Procrastinators take note: If clients want a free hurricane home inspection courtesy of the State of Florida, sign up now. Most homeowners save money on property insurance following an inspection, but the program will achieve its goals and probably stop taking new applications later this summer.

Housing Indicators

Check out the Numbers!

PROPERTY TAXES

FAR backs Amendment 5 property tax reform that voters will consider in November, but the opposition officially kicked off its campaign yesterday. John Sebree, FAR vice president of public policy, notes that the opposition group's anti-amendment campaign has not offered any alternative solutions to Florida's current property tax crisis. "Is any property tax relief good to them?" he asks.

Stocks Up Sharply After Fed Credit Plan

Wall Street rebounded sharply Tuesday after the Federal Reserve and other central banks said they will pump $200 billion into the financial markets to help ease the strain from the credit crisis. The Dow Jones industrials surged more than 270 points.

Lee commissioners, builders to return to impact fee issue

Commissioners on Feb. 26 put off a decision on whether to eliminate or decrease impact fees as a way to stimulate the local economy, asking staff to report back in two weeks with more information. Staff will address commission at a meeting Tuesday.

Why Buying Now Can Be a Smart Move

Although much of the housing market is in a slump, this is still a good time for most to buy a home.

Market Brings New Rules for Pricing a House

Florida Realtors continue efforts to support ‘Yes on 1’

For more information about Amendment 1, go to: www.Yeson1Florida.com.

Crist’s team will review insurance-rate reforms

Highest Job Growth in Cape Coral

Best Cities for Job Growth

Daily Real Estate News

For Most Buyers, the Mortgage Market Is Healthy

Lee County property tax rate going down

THE VOTE • Reduce the county budget — dropping the general fund tax rate from $3.52 to $3.27 per $1,000 of taxable property value and the capital improvement rate from $0.45 to $0.38, while maintaining the Conservation 2020 rate at $0.50 — for a total cut of from $4.48 to $4.15: 3-2, with commissioners Brian Bigelow and Frank Mann opposed. • Reduce the unincorporated county rate from $0.93 to $0.84 per $1,000 of taxable value: 3-2, Bigelow and Mann opposed. • Reduce the library tax rate from $0.41 to $0.38: 3-2, Bigelow and Mann opposed. • Reduce the hazards tax rate from $1.41 to $1.29: 4-1, Bigelow oppos

Property Taxes and Tax Bills

Property values, tax bills decline Homestead no protection against tax increases this year

Property Tax Reform

FAR has pledged up to $1 million to support passage of the January property tax amendment. “Passage of this amendment is critical to the future of Florida,” says FAR President Nancy Riley. “It will provide first-time homebuyers a large tax exemption. It will begin to equalize property taxes among neighbors. And it will allow the people who are the foundation of our neighborhoods – teachers, nurses, police officers and emergency first responders – to afford to live in the communities they serve. It’s time to reform Save Our Homes.” To read more, go to: http://www.floridarealtors.org/ LegislativeCenter/ TopInitiatives/index.cfm

When Your Home's Value is Less Than the Mortgage

Real Estate & Mortgage Insights

NAR: Home prices to recover in 2008

National Association of Realtors prediction for 2008 home sales.

Last Week in Review

Mortgage Rates Rise as Mortage Bond Market Drops

Answer to Gas Problem?

A Florida man may have accidentally invented a machine that could solve the gasoline and energy crisis plaguing the U.S., WPBF News 25 reported.

Florida economist predicts housing ready to recover

A top Florida economist has declared the housing slump a done deal.

Growing technology sector boosts housing

The country's high-tech industry added nearly 150,000 new jobs in 2006, according to “Cyberstates 2007,” an annual report detailing trends in high-tech employment and wages.

Hearing to deal with Pine Island land development

The Lee County Board of County Commissioners plans a second public hearing on Pine Island land development codes Tuesday. There will be no vote. The vote is scheduled for the commissioner’s 5 p.m. May 29 meeting at commission chambers in the old L...

Market News

Explanation of the current market trends and mortgage rates.

Florida Legislature may agree on method of property tax reform

Update on Progress to lower Florida property tax

Housing Indicators

Currnet Market Statistics