The most recurring problem I have heard from customers is the high property taxes. We have seen various proposals to lower the real estate property taxes. Everything from a fixed 1% mileage rate to doubling the homestead exemption from $25,000 to $50,000. The first thought that comes to mind is where is all the excess money the government has received with the increased property taxes?
I have a tax relief proposal. Property Tax portability has come up in the past and I would like to fine tune the proposal. As long as it is your primary residence and you are purchasing a home that has higher property taxes than you should be allowed to bring your current tax bill from the property you are selling to your new home. If you are downsizing and your current tax bill is higher than what your new home's taxes would be than you can use the taxes from the new house. By doing this it will definitely help.
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Another way possibly to decrease the high taxes would be increasing our sales tax by 1/2 a percent to I believe 7%. It still would be one of the lowest sales taxes in the nation. By doing this we could put the excess money in a fund to subsidize the decrease in property tax revenue. At that point maybe we can have a 1% of purchase price taxes. Just a thought.
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