MAYBE THERE IS SOME HELP COMING OUR WAY IN FLORIDA
Florida condo and homeowners are buckling under skyrocketing costs—especially insurance. Senator Rick Scott has reintroduced the Homeowners Premium Tax Reduction Act, which would make up to $10,000 in insurance premiums tax-deductible. If passed, it could mean serious savings. But it needs public support. Find your rep and speak up now.
By Eric M. Glazer
· 1 min read
We can certainly make a list of the expenses making it near impossible to continue living in a Florida condominium. Those are:
1. Mandatory inspections;
2. Mandatory repairs;
3. Mandatory reserves;
For Florida homeowners the list is shorter and is dominated by:
The insane cost of property insurance.
For those that own a home, everyone has a story about what they were paying when they bought the home as compared to what they are paying now, and the difference in price is staggering. For most homeowners, it is now several hundred dollars more per month to insure your home than it was about ten or 15 years ago. The fact that Florida keeps getting slammed with hurricanes is only making it worse.
Our State Senator Rick Scott is trying to get us some help. Last month, Governor Scott announced the reintroduction of the Homeowners Premium Tax Reduction Act to provide American homeowners an above-the-line deduction of up to $10,000 for premiums paid for homeowners' insurance annually on their primary residence.
To be clear, homeowner insurance premiums are not tax deductible. This bill would make it tax deductible and would potentially save Florida homeowners several thousand dollars per year.
Now is the time to get in touch with your local congressman or congresswoman’s office and tell them you want them to support Senator Scott’s proposal. If you don’t know who your representatives are, here is a link to find them:
Don’t be lazy…………do it.