The Condo Shocker in Florida

The Herald Tribune reports:

Combine the Florida Legislature's property tax reform -- and its relatively small impact on nonhomesteaders -- with the condo termination law that will go into effect July 1 and there could be a perfect storm for some property owners who thought they were secure in their home on the waterfront.

These are the two potentially colliding factors: The proposed tax reform measure does not offer tax relief for part-time residents. That could discourage them from continuing to own second homes in the Sunshine State because their taxes will remain much higher than average. At the same time, under the condo law, many will likely receive potentially lucrative offers from developers who want to take over their property to tear down existing structures and replace them with more modern and expensive units on the same valuable property.

Taxes may change the Florida real estate market.Good luck to the condo owners.