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June 14th, 2007 10:51 AM by David W. Welch
Well the state legislature is in special session to deal with property tax reform, and they do appear to have come to an agreement at least in principle on how they are going to address the issue. The initial impact is pretty much underwhelming.
I personally own multiple properties in Orange county, and I am looking to save somewhere between $500 & $1,500. I am not even sure if it will really save me anything, because everything I have read is rather vague about what number they are cutting. Are the cuts coming off last years tax bills or the current years assessments. If it is this year's assessment then I will either stay about the same or my taxes could go up by another $1,200.
If the super exemption is passed then I stand to save a substantial amount of money next year. I could possibly save over $7,000. The average homeowner though is looking at something considerably less. If this does not go through I will definitely be putting my rentals on the market for sale or I will have to raise the rent again.