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The (Not So) Perfect Florida Storm; Homeowners Feeling the 'Housing Trap'

Bad weather report number one: the median price of a home here in Palm Beach County has dropped 6.8% from a year ago. Number two: the Florida Association of Realtors reported last week that home sales slumped 19%. Number three: a state constitutional amendment will be on the ballot January...

By Staff Writer | Updated on August 07, 2007

WEST PALM BEACH, Fla. — Bad weather report number one: the median price of a home here in Palm Beach County has dropped 6.8% from a year ago. Number two: the Florida Association of Realtors reported last week that home sales slumped 19%. Number three: a state constitutional amendment will be on the ballot January 29 (when Florida holds its presidential primary) that would phase out a 3% per-year Save Our Homes tax cap that voters approved in 1992.

Welcome to the Sunshine State! The unintended consequences of Save Our Homes, according to critics, is that existing homeowners are trapped in their houses because if they do manage to sell to either upsize or downsize, they face much higher taxes on a new home, even if that house is across the street.

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