After an extended session, the Florida Legislature has adjourned and approved a $66.5 billion budget.
The budget includes a few positive items for home owners and new home buyers. The highlight is $30.1 million for down payment assistance programs. Beginning July 1, those who qualify for the federal first-time home buyers tax credit will be able to apply for down payment assistance in advance of closing, and then repay the amount borrowed when they get their tax refund. So, even though $30.1 million was added to the budget for this program it will not cost taxpayers a penny!
Another plus for home owners is a reduction in eviction filing fees from $265 to $180. With the current housing market, there are a huge number of rental properties in Land O' Lakes, Lutz, Wesley Chapel and throughout Tampa Bay. A lot of homeowners either are barely breaking even or renting their properties with a loss. This decrease in eviction costs will help homeowners who need to have tenants removed.
Also, passed with the new budget is a constitutional amendment that will ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually, a rate cap for Citizens policyholders of 10% per year and a bill that puts the burden of proving that a property tax assessment is correct on the appraiser, not the property owner.
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