Cutting your Florida property tax by 25% a year? That's what Florida voters will decide in the fall. But adversaries of the plan say that in reality that’s just putting money in one of your pockets and taking it out of another.
Cutting property taxes by 25% would mean an 8 to 9 billion dollar savings for Florida property owners. The state would eliminate property taxes for schools, and make up that money by increasing the sales tax by 1 cent, raising an additional $3.4 billion.
Supporters of the bill say they'll make up the shortfall for schools by cutting spending.
The plan would also cap tax increases for part-time residents and businesses at 5% instead of 10%.
The tax cut plan will require a 60% voter approval to pass.
Full article...Tax Cut, Miami Beach Real Estate
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