Florida Bill Proposes Study to Eliminate Property Taxes Amid Rising Concerns
TL/DR –
The Florida Legislature is reviewing a proposal for a study on eliminating property taxes, which currently produce over $42 billion in revenue for the state. However, since the property taxes are a crucial funding source for local services, schools, and infrastructure, the revenue would need to be sourced elsewhere – a challenge given Governor Ron DeSantis’ stance against tax increases. The Florida Policy Institute recommends various tax relief measures to establish a fairer property tax system, and a constitutional amendment requiring approval from 60% of voters is necessary to eliminate property taxes.
Memphis-native Nathalia Steffanetta and her family relocated to Seminole Heights in Tampa, Florida six years ago. The rising cost of property taxes, however, have raised issues for Steffanetta, even though she and her husband have stable jobs.
Crucial Information
- A property tax cancellation bill is back in the legislature for the second time
- The topic is controversial because property taxes fund local government services, schools, and infrastructure
- According to a Florida Policy Institute Analyst, the loss in property tax revenue must be compensated from elsewhere, but Gov. Ron DeSantis won’t sign any tax increases
- A constitutional amendment with 60% voter approval is needed to abolish property taxes
The Florida Legislature is pondering Senate Bill 852, which proposes studying the implications of eliminating property taxes. In his State of the State address in March, Governor Ron DeSantis expressed his support for the proposal.
“You still have to write a check to the government every year just for the privilege of living on your own private property,” said DeSantis. “Is the property yours, or are you just renting it from the government?”
Florida’s total property tax revenue surpasses $42 billion, according to the Florida Policy Institute.
“We may become the first state to abolish property taxes,” said the Institute’s analyst Estaban Santis. “You cut property taxes, you only really have sales taxes and some other options. Then you need to balance budgets – raise taxes elsewhere or cut services.” DeSantis, however, firmly stated that he would not sign any tax increases.
The Florida Policy Institute suggests various tax relief measures like exemptions, credits, and reduced rates to establish a fairer property tax system for homeowners. Steffanetta hopes for relief that will ease homeownership for her and future generations.
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