FEATURE 2017 Legislative Wrap-up Florida REALTOR® lobbying results in real estate favored legislation ESTOPPEL CERTIFICATE FEES SB 398 caps estoppel certificate fees at $250 for unit owners who are current in their assessments. Associations may charge an additional $100 for expedited estoppel certificates (delivered within three business days) and another $150 to owners who are delinquent in their assessments. The bill sets the price of estoppel certificates for multiple units owned by the same person, and establishes a uniform, statewide format that ensures buyers and closing agents receive the appropriate and uniform information needed to close the real estate transaction. This bill also requires certificates to be valid for 30 days if delivered electronically or 35 days if delivered by mail. Effective: July 1, 2017. BUSINESS RENT TAX Businesses throughout Florida that rent their commercial space will save more than $60 million each year due to a reduction of the business rent tax. The new state sales tax rate businesses will pay on their commercial leases will be 5.8 percent down from 6 percent. Effective: Jan. 1, 2018. AFFORDABLE HOUSING PROJECT FUNDING Florida’s affordable housing programs received their highest funding level in a decade, with $137 million coming from the state and local government housing trust funds and $113 million from the Florida Housing Guarantee Fund. These funds will go a long way in helping Floridians achieve the dream of homeownership with downpayment assistance. They also provide rental assistance and housing rehabilitation to Florida's homeless, veterans and persons with disabilities. There is also more than $22 million in additional funds for housing projects/services around the state, such as programs for individuals who are homeless. TAX EXEMPTIONS FOR DISABLED FIRST RESPONDERS HB 455 implements a constitutional amendment approved by voters in November 2016. It provides a 100 percent homestead tax exemption to first responders who become totally and permanently disabled in the line of duty. The bill also extends the 100 percent exemption to the surviving spouse under certain conditions. The estimated tax savings for these property owners is $4.5 million. Effective: Upon becoming law. CONDOMINIUM TERMINATION LAW Legislation passed in 2015 to protect condo owners from being forced to sell -- possibly at a loss -- has several loopholes that real estate investors and bulk buyers have exploited. SB 1520 modifies the condo termination process by reducing the percentage of owners required to reject the termination -- from 10 percent to 5 percent. Effective: July 1, 2017. CONDOMINIUM OVERSIGHT HB 1237 provides several new condo oversight rules: (1) a condo association with more than 150 units must publish its financial reports and other documents (bylaws, articles of incorporation, condo rules) on a password-protected web page; (2) if an owner is denied documents and fraud is proven, persons responsible for fraudulent he 2017 Florida Legislative session is over, bills have already been signed by Gov. Rick Scott, and some have even already taken effect. Here’s a recap of some of Florida REALTORS®’ biggest legislative victories. FOR MORE INFO VISIT orlandorealtors.org 14 Orlando REALTOR® July / August 2017
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