Monday, April 10, 2006
Two Classes of Homeowners
By Jeff Ostrowski Palm Beach Post Staff Writer
Save Our Homes, the tax relief package aimed at keeping Floridians of moderate means from being taxed out of their houses, increasingly divides Florida property owners into two classes — winners and losers. The winners? Longtime property owners with homestead exemptions. The losers? Everyone else, from recent buyers of homes to apartment tenants, from snowbirds to owners of malls and office buildings, even longtime residents. Throughout Palm Beach County and the Treasure Coast, neighbors in nearly identical homes pay vastly different tax bills depending on when they bought their homes and whether they have a homestead exemption.
Even Save Our Homes' supporters acknowledge that such gaps aren't fair, and a growing chorus of critics complains that the tax break disproportionately rewards owners of high-priced homes.
But the measure's staunchest critics say Save Our Homes won't go away. Instead, there's a push to expand the break by letting homeowners take it with them when they move.
The wide discrepancies in tax bills aren't the only unintended consequence of Save Our Homes. Faced with big increases, many homeowners stay put rather than moving up or downsizing, creating a drag on an already-slowing housing market.
Save Our Homes, the tax relief package aimed at keeping Floridians of moderate means from being taxed out of their houses, increasingly divides Florida property owners into two classes — winners and losers. The winners? Longtime property owners with homestead exemptions. The losers? Everyone else, from recent buyers of homes to apartment tenants, from snowbirds to owners of malls and office buildings, even longtime residents. Throughout Palm Beach County and the Treasure Coast, neighbors in nearly identical homes pay vastly different tax bills depending on when they bought their homes and whether they have a homestead exemption.
Even Save Our Homes' supporters acknowledge that such gaps aren't fair, and a growing chorus of critics complains that the tax break disproportionately rewards owners of high-priced homes.
But the measure's staunchest critics say Save Our Homes won't go away. Instead, there's a push to expand the break by letting homeowners take it with them when they move.
The wide discrepancies in tax bills aren't the only unintended consequence of Save Our Homes. Faced with big increases, many homeowners stay put rather than moving up or downsizing, creating a drag on an already-slowing housing market.
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