Article
Courtesy of The South Florida Agent
By Senator Ana Maria Rodriguez
Published May 8, 2024
The MIAMI Association of REALTORS advocacy team recorded
major legislative wins for South Florida property owners and real estate
professionals at Tallahassee’s 2024 legislative session, including an
earlier-than-anticipated reduction to Florida’s business rent tax that will
save commercial tenants $1 billion a year.
Florida’s commercial lease sales tax will go from 4.5% to 2% on June 1,
weeks earlier than originally expected. The 2.5% reduction was originally
slated to begin July 1.
This is a significant
and hard-fought victory as Florida employers will receive at
least $1 billion in tax relief beginning June 1, according
to Florida Commerce. By cutting Florida’s business rent tax
by more than half, this will ease the strain on Florida
employers, making it easier for them to grow their business,
hire new employees and continue to thrive.
MIAMI’s seven-year advocacy effort against Florida’s
business rent tax
MIAMI REALTORS, in conjunction with Florida REALTORS, began
advocating with lawmakers about reducing Florida’s business
rent tax or commercial lease sales tax in 2017, when the
rate was 6%. Florida is the only state to impose a sales tax
on commercial rents.
MIAMI’s advocacy team continues to advocate for a complete
repeal of the business rent tax. The BRT is a burden on
local businesses that can put the state at a disadvantage. |
|
Ana Maria Rodriguez is chief of strategic initiatives
for MIAMI REALTORS
|
More transparency, new HOA database secured for condo
owners
After MIAMI REALTORS advocated for more transparency and accountability for
South Florida residents, Miami-Dade County commissioners passed an ordinance
in March 2022 requiring condominium, cooperative and homeowner associations
to file financial and governing documents into a public online library, just
as MIAMI RealtorŪ and Hallandale Beach Commissioner Anabelle Lima-Taub did
for her residents.
This legislative win brings more transparency in official condominium
records and increased access to HOA documents for Miami property owners. The
public online library is live here.
In the 2024 legislative session, two bills passed that significantly
increase the transparency and availability of homeowner’s association (HOA)
documents. HB 1203 requires that by Jan. 1, 2025, homeowners’ associations
with 100 or more parcels must maintain official records on their website or
an app. Additionally, HB 59 requires homeowners’ associations to deliver a
physical or digital copy of their rules and covenants to all members and new
members. Effective July 1, 2024.
Major legislative wins for affordable housing in Florida
One of the biggest wins for MIAMI REALTORS and Florida REALTORS in 2024 was
the $100 million funding into the Hometown Heroes Housing Program to help
Florida families purchase their first home in the community where they work.
Just two months later, those funds were fully committed, helping more than
6,400 families purchase a home.
The Hometown Heroes program is available to all full-time workers in Florida
who earn less than 150% of their county’s area median income (AMI). The
maximum down payment assistance available to each homebuyer is $35,000, or
up to 5% of their first mortgage loan amount.
For more information on the Hometown Heroes program or to connect with a
loan officer in your area, please visit this site.
Also, $408 million for state and local programs was approved that increase
affordable housing options for Floridians.
More funding for South Florida resilience projects
In April 2024, Gov. Ron DeSantis approved $200 million to continue a popular
home-hardening grant program that could help about 20,000 mostly low- and
moderate-income residents cut property-insurance costs.
The My Safe Florida Home program, which offers up to $10,000 to help
Floridians harden their homes, is intended to strengthen buildings against
hurricanes and help reduce homeowners’ insurance premiums. Access the
program here.
The legislature also approved $1.2 billion for water quality and restoration
projects. This includes about $850 million for Everglades restoration
projects, including $614 million to support the Comprehensive Everglades
Restoration Plan and the Everglades Agricultural Area Reservoir.
Property insurance cost reductions for all Floridians
Florida imposes a 1.75% tax on most Florida insurance premiums. HB 7073
requires insurers to give homestead property owners a deduction on their
residential property insurance premiums in the amount of 1.75% of the
policyholder’s total premium. This applies to policies with coverage for a
12-month period and effective after Oct. 1, 2024, and before Sept. 30, 2025.
Effective July 1, 2024.
Also, seller flood disclosure to inform buyers and prevent post-closing
disputes were approved.
Removal of squatters on private property, combatting unlicensed real
estate activity
HB 621 addresses issues with unauthorized squatters who occupy private
property. The bill aims to quickly restore possession of such property to
the lawful owner by allowing the property owner or their agent to request
the immediate removal of unlawfully occupying persons from a residential
dwelling. Effective July 1, 2024.
The 2024-2025 fiscal year budget (HB 5001) allocates up to $500,000 to
combat unlicensed real estate activity. Effective: July 1, 2024.
MIAMI will always promote, protect the interests of South Florida property
owners
Now, MIAMI’s advocacy team will head to Washington, D.C., May 7 to do hill
visits with lawmakers in conjunction with National Association of REALTORS
(NAR) leaders.
MIAMI REALTORS Chief of Strategic Initiatives and Miami-Dade Sen. Ana Maria
Rodriguez, Chief Legal Counsel Evian White De Leon, Director Political
Affairs Samantha Garcia and 2024 MIAMI REALTORS PAC Chairman Ines Hegedus-Garcia
lead the advocacy team. Together with MIAMI REALTORS’ 110 leaders in six
boards, MIAMI advances the interest of the real estate industry via many
channels, including its annual visit to Tallahassee to speak with lawmakers
during Great American Realtor Days.
Since 1969, the Realtors Political Action Committee (RPAC) has promoted the
election of pro-REALTOR candidates across the United States. The purpose of
RPAC/PAF (Political Advocacy Fund) is clear: Realtors raise and spend money
to elect candidates who understand and support their interests. The money to
accomplish this comes from voluntary contributions made by Realtors.
|