While last week was our busiest yet due to crossover week, this week has slowed considerably. We have three weeks left of the 2011 session. During the next few weeks, we’ll be concentrating on committee work and voting on a few pieces of legislation that the Senate sent to us.
Most importantly, we’ll be looking soon at legislation to deal with point-of-sale. Point-of-sale essentially requires property to be appraised at the time ownership transfers, thereby determining the assessment value for the coming year. The new assessment value can only increase post-sale by 15% within a five-year time period and will not decrease. If the same piece of property is sold again, the percentage increase in appraisal can go well above or below its previous rate because the property will be appraised at its true market value.
Please click on the image below to view my latest legislative update!
What results are side-by-side properties with potentially different tax rates, but similar market values. The consequences of such legislation are numerous. People may be unwilling to purchase a new home because they will lose the low tax rate on their current home. Rental properties must maintain higher rent rates in order to pay higher appraisals in taxes. The taxes are inequitable when it’s obvious that they shouldn’t be. Why should you pay more in taxes than your neighbor for a similar house? The system is not fair in its current state.
Please let me know your thoughts on the point-of-sale by contacting me through mywebsite, Twitter or Facebook.
Sincerely,
Mike Sottile
House of Representatives – District 112








