As the 2011 Florida legislation ended in early May some big announcements concerning the Florida Real Estate Market were made. The more important possible changes we have listed below signal big and positive changes to Florida Real Estate market and we continue to move toward market recovery. The voters will determine if these changes really take place so get out there and vote for recovery and assistance in the Florida housing market.

TAX RELIEF - Voters in 2012 will determine if HJR381 is adopted for the state. This action would offer tax relief to non-homesteaded property owners and to first time buyers as well by reducing the yearly assessment cap by 5% to 10% for non-homestead properties. Additionally this Florida housing legislation would give anyone who hasn’t had a homestead exemption for three years a property tax discount of 50% of the property’s assessed value which cannot exceed the median home price for the county. Ultimately this legislation will prevent property assessment increases during a period when property values are falling. This is actually legislation that will help make the transition to Save Our Homes smoother.

MORE TAX RELIEF – In addition to the non-homestead property tax relief, SJR592 looks to extend tax relief to more wounded veterans residing in Florida. At this time, only disabled veterans who were Florida residents when they enlisted in the military qualify for the combat related disabled veterans’ tax discount on homestead property. The new legislation will extend this tax relief to any disabled combat veterans residing in Florida regardless of where they lived when they signed up to serve.

TAX ASSESSMENT PAYMENT BURDENS – When originally filed, HB281 required that property owners who appealed their real estate assessments to pay 75% of their tax appraised value prior to April 1^st. New legislation calls for property owners to make only a good faith payment during their appeal process if it should extend beyond April 1^st.

TITLE INSURANCE PROTECTION – Adopted on behalf of the Department of Finance Services, HB1007 ensures that property owners have continued title insurance protection even when their underwriter is liquidated. When an underwriter is liquidated all other underwriters in the state must pay an assessment to the Department of Finance Services. In turn, these charges trickle down to new policy holders in the form of surcharges which will not be limited to not exceed $25.

MORE CONDO LEGISLATION CHANGES – These are actually changes to last year’s Florida condo legislation and include: 1) manual fire alarm systems will no longer be required for condos with less than four stories with exterior corridors; 2) associations will be permitted to install impact glass and code compliant windows for hurricane protection; 3) permission to diminish the rights of delinquent association fee payers such as use of the common areas; 4) lays out a process by which an association can communicate with tenants that are delinquent on their associations fees or dues.

We are hopeful that all of these good tax relief measures will play a positive role in improving the continued growth of our communities and to spark more movement towards Florida home buying.