It’s been a beautiful weather week, some fog in the early mornings, but with sunny skies every day. The Christmas Eve & Christmas Day forecasts look just as nice & sunny.
Sanibel & Captiva Islands Association of Realtors®
As a reminder, there was no Realtor® Caravan this week, but the every-Thursday-morning schedule begins again on Dec 28 with a West Caravan.
Free Refuge Programs and Tours Begin In January
This year, JN “Ding” Darling National Wildlife Refuge adds a new Horseshoe Crab program to its calendar of daily free tours and activities. The seasonal calendar of free programs and tours begins on Tuesday, January 2 and runs through April 8. Daily programs begin at 8:30 a.m. and include programs such as Nature Photography, Beach Walk, Birds of Prey, and Indigo Trail Walk. They have something for visitors of all ages and the programs/tours last anywhere from a half hour to two hours. For a full calendar of programs/tours and descriptions, visit http://www.dingdarlingsociety.org
Rent Tax Reduced Beginning January 1, 2018
Here is an article written by Henderson Franklin, Attorneys at Law:
The Florida Legislature recently delivered a small win for the business community with Florida House Bill 7109. Effective January 1, 2018, Florida Statute 212.031(1)(c) is amended by lowering the sales tax levied against commercial tenants from 6% to 5.8%. A more significant decrease would have been better, but commercial tenants will take what they can get, we suspect. The tax – known as the Business Rent Tax or “the BRT” – affects commercial tenants including retail, office space, and industrial tenants.
What is the BRT?
The Florida Legislature enacted the BRT in 1969, declaring that the business of renting, leasing, letting or granting a license for the use of commercial real property is a “taxable privilege.” In part because Florida has no personal income tax, the state government relies on sales taxes, including the BRT, as a significant source of revenue. Many local governments also impose a local option sales tax on top of the state BRT.
Florida is the only state to levy a statewide tax against commercial tenants, and thereby creates a competitive disadvantage for Florida businesses that lease rather than own their commercial space.
House Bill 7109
Florida’s BRT is unique from a national perspective in two respects: not only is it the only standard, statewide sales tax on commercial real estate rents, but unlike other corporate taxes, it is not pegged to profitability. As a result, the BRT significantly raises occupancy costs on all commercial tenants, regardless of their financial condition. New and/or struggling businesses in Florida may have the greatest difficulty with the burden this tax creates, and these businesses are likely to benefit the most from the tax relief in House Bill 7109.
Many voices within Florida’s business community have pushed for years for steep cuts to the BRT and, beginning in 2018, start to see their lobbying efforts bear fruit. Considering the significant impact the tax has on occupancy costs, the BRT should continue to be the subject of considerable debate in Tallahassee. As with all tax matters, please consult with your tax professional.
You Can Inherit A Home, But You Can’t Inherit Taxes
Here is a helpful article posted at FloridaRealtors®. This one on Dec 18, 2017 is credited to Marty Kiar, Broward County property appraiser.
“The family home often passes from generation to generation as parents pass on, but Broward County’s property appraiser says he often gets a similar question the following year: Why did my property taxes go up so much?
“This happens when the decedent’s Homestead Exemption is removed the year following their passing and the Save Our Homes value is reset,” says Broward’s Marty Kiar. While alive, the parents had a cap on the amount their property taxes could go up each year thanks to Florida’s homestead exemption.
However, that protection ends and the house’s taxable value resets when it gets a new owner, even if that new owner inherited the house from his or her parents. In some cases, that higher taxable value can be dramatic.
Kiar notes only a few exceptions: A surviving spouse can inherit a house as well as the existing tax savings via Save Our Homes, as can a “legal dependent who was permanently residing on the property at the time of the decedent’s death.”
In all other cases, the new owner – even if he or she grew up in that house – must file for a new Homestead Exemption when they become the legal owner. Once filed, they also then have protection from yearly increases through Save Our Homes, though going forward it’s based on the first year they applied for the Homestead Exemption.”
Sanibel & Captiva Multiple Listing Service Activity December 15-22, 2017
7 new listings: Spanish Cay #4 2/2 $374K, Sundial West #G105 1/1 $425K, Blind Pass #B211 2/2 $469K, Sunset South #1A 2/2 $775K, Loggerhead Cay #134 2/2 $995K, Tanglewood #1A 3/2 $1.149M, Atrium #201 3/3 $1.495M.
3 price changes: Sundial West #G204 2/2 now $649,999; Island Beach Club #220E 2/2 now $979K; Pointe Santo #E23 2/2 now $995K.
2 new sales: Sundial West #G105 1/1 listed at $425K, Sundial West #J207 2/2 listed at $695K.
6 closed sales: Seashells #44 2/2 $320K, Captians Walk #B5 2/1 $340K, Sundial West #C306 1/1 $404.5K, Blind Pass #B207 2/2.5 $469K, Sanibel Arms West #G8 2/2 $475K, Bougainvillea #A3 4/4 $3.55M.
12 new listings: 1613 Sand Castle Rd 3/2.5 half-duplex $499K, 1027 Sand Castle Rd 2/2 $575K, 693 Rabbit Rd 3/2 $579K, 2521 Key Lime Pl 3/2 $599K, 1357 Jamaica Dr 2/3 duplex $650K, 1521 Wilton Ln 3/2 $784.5K, 4791 Rue Helene 3/2 $875K, 1106 Buttonwood Ln 3/2 $1.2M, 4166 Dingman Dr 4/4 $2.9M, 772 Birdie View Pt 3/3.5 $1.395M, 1035 Kings Crown Dr 4/3 $1.7495M, 1191 Bird Ln 5/4.5 $7.9M.
5 price changes: 667 Spartina Ct 3/2 now $619,555; 5299 Ladyfinger Lake Rd 3/3 now $648K; 1656 Middle Gulf Dr 3/4 now $990K; 5403 Shearwater Dr 4/3 now $1.195M; 2939 Wulfert Rd 5/5/2 now $1.349M.
9 new sales: 915 Palm St 3/2 listed at $475K, 3273 Twin Lakes Ln 3/2 listed at $825K, 3358 Saint Kilda Rd 3/3 listed at $979K, 932 Whelk Dr 3/3 listed at $1.224M, 899 Almas Ct 3/2 listed at $1.249M, 2441 Wulfert Rd 4/4.5 listed at $1.295M, 2190 Starfish Ln 3/3 listed at $1.395M, 1525 San Carlos Bay Dr 3/2 listed at $1.675M, 267 Ferry Landing Dr 3/2 listed at $1.795M.
1 closed sale: 4775 Rue Helene 4/3 $737.5K.
1 new listings: 2987 Wulfert Rd $450K.
No price changes.
1 new sale: 1311 Par View Dr listed at $274K.
1 closed sale: 461 Lake Murex Cir $325K.
No new listings.
1 price change: Sunset Captiva #302 4/3 now $2.895M.
2 new sales: Tennis Villas #3210 1/1 listed at $300K, Lands End Village #1657 2/2 listed at $1.095M
1 closed sale: Lands End Village #1660 3/3 $1.5375M.
2 new listings: 11526 Laika Ln 4/4 duplex $1.749M, 16814 Captiva Dr 5/5.5 $8.2M.
2 price changes: 16163 Captiva Dr 3/2 now $2.795M, 16447 Captiva Dr 6/5/2 now $3.599M.
No new or closed sales.
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Wishing You & Your Family A Happy Holiday Weekend!
Elise for The SanibelSusan Team