February 28, 2024
Florida lawmakers consider future without property taxes

Florida Trend Real Estate

Florida lawmakers consider future without property taxes

| 2/12/2024

Florida lawmakers consider future without property taxes

Florida lawmakers could look into eliminating all property tax and replace lost revenue through a consumption tax depending on a potential study, according to the Florida Senate. House Bill 1371, originally filed on Jan. 5, exempted $100,000 of the value of real property from being taxed. Those over the age of 65 would be qualified to be exempted from property tax up to $250,000. More from WFLA and Florida Politics.

Lawmakers look to fix affordable housing act after outcry across state

When Florida lawmakers passed legislation to create thousands of affordable housing units last year, it was considered long-overdue relief for low- and middle-income Floridians. The Live Local Act, as it was called, was a top priority for the Senate president, and no one blanched at its $711 million price tag. Less than a year later, communities across the state are in uproar. Local officials complain of proposed developments ruining the character of neighborhoods. Some say they’ve lost control of local planning. [Source: Tampa Bay Times]

The most expensive home for sale in the U.S. goes up in Naples

The most expensive home for sale in the U.S. hit the market this week for $295 million. Gordon Pointe, as it’s called, is a roughly 9-acre compound in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal. The mega-listing includes a main house that spans about 11,500 square feet, with six bedrooms. Two guest houses, each over 5,000 square feet, bring the estate’s total interior living space to 22,800 square feet. All three homes are on a peninsula that delivers 1,650 feet of waterfront, a private yacht basin and T-shaped dock. More from  CNBCand Islander News.

The fastest growing towns in Florida

Many people across the country are leaving their current states and moving to Florida. Folks may choose The Sunshine State as their new destination for many reasons, like the multitude of great towns to explore. See a slideshow of the 11 fastest-growing towns in Florida. [Source: MSN]

It is important to know who owns the beach in Florida, and why it matters

According to the Department of State, Florida has over 1,300 miles of coastline and over 650 miles of sand beaches. Some of that beachfront is privately owned (about 60%), while the rest is State, County, or city-controlled. For decades, there have been ongoing questions over who can use certain stretches of beach along Florida's Atlantic and Gulf coasts. [Source: Islander News]

STAT OF THE WEEK
20%
Even with new developments coming online to keep up with a growing population, home sales in the Orlando region were down 20% in 2023 compared to 2022. [Source: Click Orlando]

ALSO TRENDING:

› Northeast Florida commercial real estate: Industrial still setting records as a logistics center
Metro Jacksonville’s industrial real estate market produced records in 2023. In addition to speculative 1 million-square-foot buildings attracting tenants quickly, smaller warehouses designed for tenants from 5,000 to 500,000 square feet were leased. Companies continued to seek space in Jacksonville to store and distribute goods ranging from food to clothes to construction materials to consumer merchandise.

› More money for My Safe Florida Home program clears Florida Senate
For months, some Florida homeowners have been waiting on a state program to help them try to lower insurance premiums. Last week, the Florida Senate unanimously cleared a bill to put $100 million into My Safe Florida Home. Even as Senators were in agreement on the funding, some wonder if it is enough to help all Floridians accessing the program with free, wind mitigation inspections and repair grants.

› Villatel Orlando Resort seeks to reinvent the vacation home business
When he first saw the 77 acres of vacant land in the heart of Orlando’s International Drive corridor, Brock Nicholas knew he had found a unicorn. As president of Lennar’s Orlando Division, Nicholas had built and sold thousands of vacation homes in Osceola County, but he had never found a location suitable for a resort community so close to the Orange County Convention Center and Universal theme parks. Everyone from Lennar, to Pulte to Park Square Homes, to Encore Homes, was building resort communities in Kissimmee or the Four Corners area.

› St. Petersburg council can’t reconsider $19.1 million Deuces townhomes
It’s too late for the St. Petersburg City Council to reverse a decision to spend $19.1 million building 24 townhomes on 22nd Street South. Council chairperson Deborah Figgs-Sanders told the Tampa Bay Times on Thursday that she inquired with the city’s attorneys about how to go about reconsidering a vote. She said she was told that had to happen during the meeting when the vote took place on Jan. 18, or at the next regularly scheduled meeting, which was Feb. 1.

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