Published 6 days ago • Florida, United States • Updated 5 days ago

Florida Republicans could focus on property tax reform over sales tax

Florida House Speaker Danny Perez, a Miami Republican, announced a plan on Thursday to make a historic cut to Florida’s sales tax, reducing it from 6% to 5.25%.
The proposal comes as Florida lawmakers spearhead an effort to reduce government spending, waste, and promote government efficiency through Florida DOGE.
If successful, the Florida House estimates the cut could save Floridians roughly $5 billion annually, potentially making Florida the first state in the nation to implement such a measure, although Governor Ron DeSantis and Senate President Ben Albritton did not directly address their support for the plan on Thursday.
Perez described the plan as the largest tax cut in Florida history, while DeSantis has stated that property tax is the number one tax hurting Floridians, and Albritton has described himself as “open-minded” regarding the proposal, acknowledging the affordability challenges faced by many families in Florida.
With Florida's 60-day legislative session ending May 4, the Florida House intends to publish the sales tax bill next week, as some see potential conflict between cutting property taxes and sales taxes, while others advocate for property tax relief, given that property tax and insurance are major contributors to Florida’s rising cost of living, with Orange and Hillsborough County residents paying an average of roughly $2,800 in property taxes in 2023.

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Cleveland

Center

Hard to have a rational discussion on taxes when political rhetoric fans the discontent

Much has been written lately about property tax dissatisfaction. Having recently filed my taxes, I added up federal, state, and real estate taxes due and divided it by my total federal adjusted income. The result was lower than expected, and I’d have difficulty making an argument that the percentage is too high.I realize that other taxes (e.g., sales and gasoline taxes) come into play, but perhaps taxpayers’ wariness has more to do with the perc…

6 days ago·Cleveland, United States

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Florida Republicans could focus on property tax reform over sales tax

Others want to focus on property tax reform.

6 days ago

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DisneyDining

Florida Governor Ron DeSantis Advocates Taxing Tourists in Legislative Session

DeSantis Proposes New Tourist Tax Florida Governor Ron DeSantis has introduced a proposal for a new tax aimed at tourists visiting the state. This move comes as the state grapples with various tax-related issues during the ongoing legislative session. Credit: Disney Dining The tax, particularly affecting visits to popular destinations like Disney World and Universal Orlando, seeks to address the financial repercussions of other proposed tax redu…

5 days ago

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thefinancialanalyst.net

Florida Considers Slashing Property Taxes, Shifting Burden to Tourists

In a bold move set to shake up the status quo, Florida is reimagining its revenue generation strategy. The state is actively considering a significant reduction or even elimination of property taxes, a shift that could send ripples through the national tax landscape. The plan? Leverage the Sunshine State’s formidable tourism industry to redirect the financial burden onto visitors and non-residents… Source

5 days ago

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BizToc

Florida mulls scrapping property taxes in US first

Amid a soaring cost of living, leaders of one of the tax-friendliest states in the country are considering making it even tax-friendlier, but some officials say the proposed move could blow a hole in local budgets. Sunshine State lawmakers introduced dozens of bills this month aimed at lowering…

6 days ago

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rismedia.com

Florida Considers Eliminating State Property Taxes

Homeowners across the U.S. are facing rising property taxes—and Florida legislators are floating proposals to not only bring down homeowners’ tax bills, but to phase out the property tax altogether. Though facing some recent risk and decline, Florida is projected to remain one of the most booming housing markets in the country during the 2020s.… The post Florida Considers Eliminating State Property Taxes appeared first on RISMedia.

6 days ago

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