Mortgage News by Lee Maynard

Governor Crist is at it again! This time he has a new plan to reduce property taxes after his last attempt crashed and burned in typical political fashion.

As you recall Governor Crist promised to drop property taxes “like a rock” and after two special sessions our legislature delivered a plan that offered slightly less than a pebble’s worth of savings with the bulk of the plan wrapped up in a super exemption to be voted on in January.

The super exemption measure has now been removed from the ballot at the direction of a judge who found the wording “misleading”.

Result: Back to square one

Crist’s new plan certainly shows promise on the outside but has doomsday carefully written within. The honorable Governor is proposing a doubling of the current homestead exemption from $25,000 to $50,000 with a plan to make the Save our Homes Act portable in some capacity. Also proposed is a 25% reduction in taxable value for first time home buyers and an exemption on Commercial property tax.

Words like “unconstitutional” and “court challenge” are heard amongst those in the know so it seems likely that another special session will amount to more of the same. Nothing.

The governor’s ideas are challenging and in good faith with his campaign promises but like his failed attempt at property insurance reform they are merely jousting with windmills when it comes to getting the ideas into a working reality.

Theory rarely becomes reality when put through the catalyst of politics.

On a lighter note…

My wife and I recently went shopping at our local mega mart when for some unknown reason we developed a desire for a good old fashioned frozen chicken pot pie. Searching the frigid aisles of the frozen food section resulted in the capture of four chicken pot pies. Where is this going you ask? Read on McDuff!

We took our purchase home and placed them in the freezer with visions of golden crusted loveliness complete with large chunks of chicken swimming in a thick creamy sauce chock full of English peas. It was only a matter of time before we could sit down and enjoy our culinary confections.

Alas it was never to be for a few days later I happened upon an article in the Orlando Sentinel.

Jenn? I called into the kitchen. Are those “Banquet” Chicken pot pies? Why yes she replied, why do you ask? I continued on with my research. Does the box have the number P9 on the side? Once again she answered in the affirmative. Her curiosity got the best of her and she demanded to see what I was reading.

According to the Sentinel, Banquet Chicken and Turkey pot pies had been recalled but only batch number P9. Imagine the odds… Twenty years since we’ve entertained the thought of a pot pie and now our hopes and dreams of frozen food delight are dashed. If only they were lottery tickets!

Still I can’t help but ponder the words of the pot pie manufacturer. According to the article, the problems arose from people eating these pies without properly preparing them. “This is not a ready to eat product” the representative said.

Are there really people out there opening up a chicken pot pie and hacking away at the frozen crust without the benefit of cooking? Surely not… but as I drove myself to work the next day I noticed something. Those people are all around us. You’ll find shining examples of them on every road in America! So the next time you come across someone in such a hurry that they cut you off and race through the next red light you can rest assured that they also couldn’t take the time to heat up their pot pie!

Until next time!

Lee

By burning the midnight oil and listening to the home owning populous, the Florida Legislature has finally approved a property tax initiative that stands a good chance of saving us all a few dollars and may put an end to the current stand off between buyers and sellers in the Real Estate Market.

As of midnight October 29, 2007 the Florida Legislature has struck a deal to move forward on the subject of property tax reform. This deal, announced today, will be voted on by the good people of Florida on the January 29, 2008 ballot.

The proposed plan preserves the Save Our Homes Initiative which is vitally important to homeowners who have built up a great deal of tax savings over the years and will make these savings portable to the tune of $500,000.00 on the purchase of a new home.

The plan also calls for an increase in the amount of homestead exemption available to homeowners moving the value of the exemption from $50,000 to $65,000 resulting in an approximate savings per household of $264.00 per year.

Governor Crist promised to “Drop property taxes like a rock” and has yet to succeed in doing so although this plan, devised by the Senate and cleared by the house at the last possible moment should put homeowners in a much better position should they want to buy a new home in the future. In my opinion... out of all the plans put forth by the legislature in its regular and special sessions, this one has the best chance of providing us with much needed relief.

The ballot measure will need to be approved by a 60% margin in order to become a reality but it is expected to gain support over the next few months and increase its chances of passing.

Naysayer’s are already pointing out, however, that the SOH provision may prove unconstitutional and the new proposition will open up the current law to scrutiny.

This may be the case but the current SOH provision has stood the test of time so far and hopes are that the citizen’s of Florida will fight to keep their property tax exemption in the future.

Progress... At Last!!!!

Lee Maynard