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Rental Owners Weigh in on Property Tax Cut Plan

October 30th, 2007 by flanews

In January, voters will decide whether they want to change Floridas property tax law. Part of the plan includes a 10 percent annual limit on property taxes for second homes and businesses. As Chris Casquejo tells us, one rental property owner says the change will help him stay in business.

Hear it here: Rental Owners on Property Tax Cut Plan

Steven Profitt is sprucing up his Tallahassee townhouse with hopes of renting it in December. Since he bought it 2003, hes seen his property taxes go up each year. He believes a 10 percent cap on future increases will help keep him from selling the place.

Ill take any dollar saving any day,” Profitt said. “Im sure anybody would. Whether its 20 dollars, 30 dollars, Ill take any penny saved.

For Steven, what he pays for his mortgage equals what he gets in rent. If he raised the rent, he wouldnt find any takers.

And if he gets the $725 a month hes asking, it will not cover insurance and taxes.

You add on insurance increases over the last few years too, and youre always behind,” he said. “Thats the situation Im at here.

Profitt stood next to Governor Charlie Crist at the Capitol Tuesday morning. Crist is taking the pitch to change property tax laws to voters statewide.

The rental properties help him save money to save for retirement, Gov. Crist said.

Steven Profitt hopes lawmakers are just getting started.

I think this is a step in the right direction and Im proud to be part of it, he said.

And he believes voters will pass the amendment, and help keep homeowners like him in the rental business.

60 percent of voters have to approve the property tax cut amendment on January 29th.

Posted in Amendments, Charlie Crist, Politics, Property Taxes, State News | 1 Comment »

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