Tuesday, September 13, 2005

Property Tax Roll-Back

Residential Real Estate Tax-Reform Program / Affordable Housing Incentive

Goals:

1. Increase affordable housing in Sarasota
2. Insure current homeowners can afford their Sarasota homes
3. To strengthen the current housing market

Program:

All currently homesteaded property / or declared “second home property” would have their real estate taxes rolled-back to 9/11/2001 or the least tax ever assessed on the property since 2001, such as newer construction.

An owner would only be able to declare 1 property as a ‘second-home”.

When an owner sells his primary or second - home property and purchases another property of greater value which will also be homesteaded or declared “a second home, he “takes with him” his property tax from the house he is selling.

Also the new purchaser of the subject property may “keep the rolled back tax” if he intends to homestead the property or declare it a “second-home. If the property is being purchased not as a primary or qualifying second home, the tax would be at the current assessed value.

Also,

1. In order to qualify as an approved second-home, the property must be located at least 75 miles from the purchaser’s primary residence.

2. First-time home buyers will have their property taxes frozen for 3 years.

3. All new construction would be taxed according to current value.

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