Property tax cuts approved

[slamminshaun]

http://www.miamiherald.com/458/story/140330.html

Under the proposed plan, my taxes would be cut from $6,300 per year, to $2,450 per year!

[coach]

I wonder if it would translate to any savings for us renters or if it would just mean that the school quality would decline even more and the streets would suck even harder.

[endymion]

Residential renters usually don't pay property tax directly. Commercial renters often do. My (rented) office got hit with an unexpected $700 property tax bill last week because that lease passes property tax expenses on to the tenant directly. Hopefully that bill will be lower next year.

[coach]

Of course we pay property tax. You think the property owner is just going to pay that out of his pocket because he likes us? The cost of property tax is rolled into rent, just like any other costs. If tax goes down, theoretically rent could go down. Or, the owner could just pocket the difference.

[V. Barbarino]

I'm against it. We need a 1% income tax...

[pod]

No way. That would mean more bureaucratic nonsense and more paperwork for the average citizen to fill out.

[endymion]

Originally Posted by V.

I'm against it. We need a 1% income tax...

Too disruptive. Then retirement communities wouldn't be able to afford to pay for basic services.

[slamminshaun]

Originally Posted by coach

Of course we pay property tax. You think the property owner is just going to pay that out of his pocket because he likes us? The cost of property tax is rolled into rent, just like any other costs. If tax goes down, theoretically rent could go down. Or, the owner could just pocket the difference.

One owner could pocket the difference, but as soon as renters find owners who are not, they'll seek out the lower rents....and this will cause the original owner to drop his rents. Market forces will ultimately cause reduced rents over time if this tax cut passes.

The median home in Florida carries over $5,000 in property taxes. This is more than 10% of the median income....that's just for starters. The population of St. Lucie County increased 31 percent in 4 years, but tax collections increased 162 percent over the same period. All around the state you see the same thing. Tax cuts are LONG overdue and will re-energize Florida's economy.

[coach]

Uh, yeah, because what we need are a bunch more yahoos moving down here and clogging up the place.

We'll see, I wouldn't mind to see my rents go down, but I don't buy that everything will be hunky dory afterward.

[pod]

Rent won't go down.