November 2007 Newsletter WELL....The State has finally come up with a final proposal for Tax Reform, to be presented to the voters on January 29, 2008.   First,  the Homestead Exemption will be increased from $25,000 to $50,000.   BUT, the second $25,000 only applies to non-school related taxes.  (Projected average savings of $140 per household).   Second,  they have approved the Portability Bill, which will allow you to take the Save Our Homes amount with you to the next Florida home.   Going to a more expensive home you may take a maximum of $500,000.   If you wish to downsize, the amount allowed will be the percentage of the higher priced homes market value to accessed value.   That percentage amount is applied to the new home market value and equals the new accessed value.   The difference of the two being your new SOH amount.   It must be passed by 60% of those voting on January 29, and if passed will be retroactive to January 1, 2007.   Finally,  they also propose a 10% per year maximum increase for non-Homesteaded property.   Legislators feel more of the same will be forth coming in the future. As far as the Insurance Reform is concerned, it appears the proposal has been buried.   But, a 2% insurance surcharge was passed for all Florida held policies (non-life) to help cover claims against four insurers that went belly-up after the '04 and '05 hurricanes.   This will appear on your renewal bill starting in March 2008.  They hope to raise $315M. On the Real Estate front we have seen more foreign investors looking for housing in the US.   The Canadian dollar, Euro and British pound are all well above the U.S. dollar value, making real estate a good value.   The SW Florida International airport has claimed a 7.5% increase in traffic for three quarters over 2006 with 6.1 million passengers.   These are favorable indicators.   As noted economist Fishking indicates, we may be at the bottom and on our way up in Florida.   Don't forget the Baby Boomer generation which reached age 60 in 2006 will last for 10 years.   As long as Naples and Marco Island are the big escape areas from winter snows, we will have buyers to visit the area.   The Urban Institute of Tabulation in Dynasm indicated all the "Boomers" will have a a net wealth over $1.0M with an average annual earning power of $79,000.   Couple that with the vast number of people who have rented in Florida and now are thinking of buying, now that the prices are down. Things are looking favorable for a return to a stronger market.   Although there is a surplus of inventory, the indicators are in our favor and qualified Buyers will continue to stream to the Naples - Marco Island area for their piece of Paradise. Shortly, our new website --naplesgolf-marcobeach.com -- will be operational.  We will let you know when that happens, so you can check in on Paradise at your convenience.  From now on the Newsletter will only be distributed via the Internet web-site.  As a result, if we do not have your e-mail address please let us know so you can be added to the mailing list.     (tedannehenning@comcast.net)   We hope you find this new site informational and helpful, whether you are looking for a home or wanting to sell and move up or down in Paradise.  We are excited about its unique format and the information it contains.  We hope you add it to your favorites. Remember, if you need assistance, have any questions concerning your investment in Paradise or any property in Naples or Marco Island, please give us a call at the above number.  We will be happy to provide any information you may need when making a Real Estate decision.