ST. PETERSBURG - Many property owners are experiencing "sticker shock" as they read their trim notices (Proposed Tax Rates). While these new evaluations are generating large increases in tax revenue (Pinellas County has seen a 15 percent spike in real estate values, equating to $60 million in additional revenues, Hillsborough County's increase is 16 percent AND St. Petersburg and Tampa have 15 percent and 14 percent increases, respectively) the downside for some property owners is catastrophic.
"This is a serious crisis with statewide implications on our real estate market. That is why I am sponsoring House Joint Resolution 39, the Save Our Holdings initiative," stated Farkas "The Save Our Holdings initiative will put fairness and balance into our property tax system, allowing Floridians to buy real estate properties without the threat of a huge tax increase."
Once approved by the House and the Senate, HJR 39 will give the voters the choice whether to extend the Save Our Homes Amendment (a 3 percent cap on annual assessments currently applied only to homesteaded property) to all real estate properties. The bill language would be on the November 2006 ballot for an up or down vote by the citizens of Florida.