Florida Gov. Ron DeSantis signed a new bill into law that will pave the way for the property tax relief being promised in a November ballot referendum.
The new law, SB 4-F, was approved in a recent special session of the state legislature that also approved a ballot referendum for cutting property taxes statewide. While the referendum would change the state constitution, SB 4-F is designed as the implementation bill for the amendment if it meets the 60% approval level by voters for passage.
SB 4-F will also update how local governments can determine the maximum property tax rate, removing the automatic “income-growth” process tied to the state’s per-capita income to a simple majority vote. The new law also puts forth higher approval thresholds for local governments looking to raise property taxes, including millage rates up to 110% of the rolled-back rate requiring a two-thirds vote and millage rates above 110% of the rolled-back rate requiring either a unanimous vote, three-fourths vote for larger governing boards, or voter approval through a referendum.
“Florida has reduced its budget for four straight years and has demonstrated fiscal responsibility and respect for taxpayers,” said DeSantis. “Now, we are stepping in to protect taxpayers from taxes at the local level.”
All homestead homes should be tax free properties. Florida is a retirement state where many are living on past income and or Social Security. Senior owners should not have to loose their homes because of tax liability. There could also be a threshold Value and scaled tax table. Property value $900K and under No tax, $1m to $ 1.5m a small tax increase as per the value.
To off set the income lost from Property Tax, increase tax on commercial properties using a scale as well. Mom & Pop Business should also be tax free.
I know a lot of people moving back from Fla…especially for health care which Im told is not that great down there. What will make up the short fall that will be missing from the states budget? a lot of people in FLA are very wealthy…anyway just curious…how will the missing revenue be made up. Anyone?
Let’s hope the fraud that’s been discovered in Florida’s counties is stopped. With the increase in property values wasteful spending needs to be curtailed as well.
In smaller towns the biggest part of the budget is police and firemen wages and pensions. How will you make that up ?