FreedomTalks

Starting July 1, the condo termination law under the Florida Legislature’s property tax reform could pose some serious threats to property owners.

Currently, there are two colliding factors:

The proposed tax reform measure does not offer tax relief for part-time residents.

and

Under the condo law, many will likely receive potentially lucrative offers from developers who want to take over their property to tear down existing structures and replace them with more modern and expensive units on the same valuable property.

While waiting for Florida Governor Charlie Crist’s signature, the law will make it easier

for condominium boards to tear down their communities or make major repairs in the wake of extreme damage from a hurricane.

Time is ticking as the June 28 deadline approaches for Gov. Crist to either sign the bill or veto it. If the Governor does nothing, the bill will automatically become a law and go into effect a few days later on July 1.

To read more about the condo termination law click here.

This entry was posted on Tuesday, June 19th, 2007 at 9:23 am and is filed under Property Rights, States, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.