Word: capping
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...faced in the 1970s: a deluge of new residents and feckless growth management have driven real estate values, and therefore property taxes, beyond the reach of more and more households. In expensive markets like South Florida, for example, homeowners who have yet to qualify for a state property-tax cap say they've seen better than 100% increases over the past few years. It's a large reason why, according to a new Zogby International poll, half of South Floridians and 37% of all Floridians say they're considering moving out of the state...
Some of Florida's recent fixes have only exacerbated the frustration. In the 1990s the state adopted a "homestead" provision that eventually caps a homeowner's property tax increases at 3% a year. But when the house is sold, the cap no longer applies - creating absurd situations in which neighbors with similar homes pay wildly disparate property taxes. As a result, "there is now absolute consensus that local property taxes are out of control," says Republican state Senator Mike Haridopolos, co-chairman of the Joint Select Committee on Property Tax Reform and Relief...
When Sergio Martinez, 41, bought his 5-bedroom Miami house three years ago for $405,000, the taxes were only $2,800. But before he became eligible for the homestead cap last year, they'd jumped to $7,400. His house is now valued at more than $900,00 - and if he were to sell it, the new owner would be staring at an annual tax bill of almost $20,000. "That's a big reason I'd have trouble finding a buyer for this house, and why I'd have trouble buying a new one here myself," says Martinez...
...it’s insulting to suggest—as the University’s own rhetoric does—that their motives for contributing to Harvard are as crass as wanting to marginally improve their children’s admissions odds. Today I’ll toss my cap into the air and join the ranks of Harvard alumni—and I too will take offense at the University’s underestimation of my commitment to my alma mater. I can only hope that the University’s top officials—who, after...
...took an extra-minutes fight against Penn—and senior Carle Stenmark netting a goal with just over a minute left in overtime—to cap the losing streak and bring victory back to the Crimson’s side...