« How to calculate Florida tax portability benefits | Home | The upside of Florida real estate: 20 market positives »
Panel Proposal May Revamp Property Taxes
By Alison Markham, Broker-Associate, GRI, Realtor® | March 21, 2008
The Dean Document
The Florida Taxation and Budget Reform Commission on Monday advanced
a proposed amendment to the state constitution which would eliminate the main property tax for the state’s public schools. This proposed amendment, if passed by voter in November, would then replace lost revenue with a slight sales tax increase.
Property appraisers in some counties put savings for taxpayers as high as forty percent.
The FTBRC also passed another property tax measure- a recommendation to the Florida
Legislature to control speculative assessments. The school property tax amendment gives the Legislature various options to control property taxes. One proposal raises the state’s six-cent sales tax by one cent, repeal the state sales tax exemptions, use money
generated by the economic growth triggered by the cuts or cut even more
state spending.
However, the proposal protects certain exemptions meant to serve a broad base of the public.
These including exemptions on medicine and food. It is still not a certainty services taxes
will be raised and debate remains on how the replacement money will be generated.
The proposal also contained language to make sure lawmakers do not make up for the
“required local effort” with a separate property tax and would also limit annual assessment increases for nonhomestead properties to 5 percent.
Tallahassee Address:
311 Senate Office Building
404 South Monroe Street
Tallahassee, FL 32399-1100
(850)-487-5017
District Address:
Inverness
415 Tompkins Street
Inverness, Florida 32399-1100
Ocala
2511 SE 3rd ST
Ocala, FL 34471
E-mail: dean.charles.web@flsenate.gov
Topics: Real Estate Citrus County | No Comments »
Comments
You must be logged in to post a comment.