One of the worst hit sectors in the recent worldwide slump is possibly the real estate. U.S is no exception to the real estate slump. However, there are signs of revival. The government coffers were left with a big hole during the slump as no purchases were made and income from property tax dried up. States like Florida was probably hit hard the most from the slump.
In Miami-Dade County, the local mayor has already cited a property tax hike to fill up a budget deficit of $400 million to government coffers. Florida is a state with no income tax but the main source of government income is from property taxes. A veteran Miami realtor Alex Shay has shown disappointment at suggested increase in property tax.
As per a 1990 measure an amount was charged on eligible home owner at the rate of 3% and the same property is assessed at a very absurd rate at the time of sale. In south Florida for example where property prices were very high. Higher was the real estate related taxation structure too. As a result in an opinion poll south Florida residents said they were planning to move out of the state, if given the opportunity (Zogby International poll in the year 2007).
Kurt Wenner, a research director of Florida Tax Watch lamented that the irony of recession in Florida is falling markets and rise in property taxes. Different counties and local governments are revising the taxes to make up budget deficits. However, a person having contention about the tax asked from him can appeal to the adjustment board for review.
The reason why citizens aren’t listening to the whining of politicians regarding deficit is because during good times, these politicians spend money inconsiderately. As a result, a prospective buyer should consult a Florida Real Estate Lawyer before buying a foreclosed house or a newly constructed one.
A real estate lawyer is an expert in land, building, transfer, sale, mortgage or/and lease of any piece of land with or without any manmade structure matters. Since, this type of deals contain a huge lot of money one must exercise considerable caution.
It is important to make background searches about the property you are going to deal in. It is important to know the ownership rights of the seller and whether the piece of property adheres to government standards. This type of consultancy services can be availed from a Florida Real Estate Lawyer.