Portability fails to heat housing market
Gov. Charlie Crist stood before hundreds of Realtors in Orlando last summer and predicted fantastic things about the property tax cuts on the January ballot.
"Florida's going to have a sonic boom when this happens," he said, using rhetoric he would repeat again and again over the next several months. "You're going to be busier than you've been in your life. Get ready, get your rest, make sure your license is up to date."
Five months after the vote, Florida is still waiting for the sonic boom.
Sales data, interviews and anecdotal evidence all suggest Amendment 1 has fallen far short of the systemic cure Crist predicted. For sure, the plan has modestly cut taxes for all homeowners by increasing the standard homestead exemption. But its more controversial provision — portability — has proven no match for Florida's housing bust and credit crunch. (story here)