When Florida’s housing market took a dive, so did the state’s economy. An estimated 300,000 homes sit empty in the state, leaving home builders with nothing to do.
“We saw in Florida a loss of about 175,000 construction jobs over the last two years,” said David Hart a Spokesman with the Florida Home Builders Association.
The Florida Home Builders Association is supporting a property tax cut for first time home buyers. Builders hope a tax break will help jump start the housing market and put them back to work.
The proposed constitutional amendment would save first time homebuyers an average of 1,500 dollars over the five years of the exemption. The first year break would be 25 percent. The discount would phase out over the next four years. The legislation was dead until Governor Charlie Crist revived the plan the last week of session.
“It is something I am very pleased about for the people of Florida. I know that property taxes and property insurance are enormous issues for all of us and reducing both of them is important and will continue to be so,” said Crist.
Last year Crist threw his wait behind another property tax amendment. Amendment One was passed last January, and will also be part of Crist platform for Senate. The property tax cut amendment and US Senate race will both be on the November 2010 ballot.