News Details (Posted: April 29, 2008):

Voters to decide on more tax relief

Full Description:

Florida voters will decide in November how far they want the state to go to provide additional property tax relief. In late April, members of the Tax and Budget Reform Commission (TBRC), whose members include attorneys, executives, tax collectors and real estate professionals (including 2007 FAR President Nancy Riley), approved a proposed constitutional amendment that could, among other things, cut most property taxes by at least 25% and cap annual assessment increases on non-homestead property at 5%. The panel meets every 20 years to recommend constitutional and statutory changes to improve the state's tax and budget system. The property tax relief measure, CP 2 , is one of seven proposed constitutional amendments. To reduce property taxes, the plan would eliminate the school tax portion of the property tax bill. Monies for education would be generated through a variety of sources, such as an increase in the state sales tax and fees on services currently exempt from such taxation.