Florida bill would eliminate all property taxes

So what exactly is a consumption tax. There is already a sales tax.

 

Although I'd likely personally benefit, it sounds like screwing over renters for the benefit homeowners.

 

I recently learned in my county after getting an unexpectedly high tax bill that apparently, while the percentage they can increase your taxable property value year-over-year is fixed, there is no limit on how much they can raise millage ... my point being that counties would likely up the millage to make up for any shortfall with the homes valued above $100,000K, commercial, vacant, rentals, and other non-homestead properties.

 

This seems to accomplish two shitty things. Shift the tax burden to poor/non property owners. And disincentive the elderly from ever putting their house on the market to allow someone younger to purchase it. Yay!

 

It would probably also cause property values to increase further, putting additional strain on homeowners insurance and first time homebuyers.

I’m sure most old farts don’t care about first time homebuyers or renters, but they’re quick to bitch about insurance rates and inflation.

 

The value of the home might go up 50% but that doesn’t mean the cost to rebuild would also go up 50%.

 

$250,000 homestead exemption? Seems it would provide tremendous incentive for hordes of old people to move to Florida.

 

Florida can become a 55 and over state. Like my subdivision.

 

Sounds like a bill designed for boomers. Not surprised, everything being put into place right now favors boomers and their nesteggs.

 

That's exactly what it does. It will shift more of the tax burden from those most able to pay to those least able to pay. I own my home in Florida, so I would benefit from this, but I oppose it. It's bad policy.

 

often much of the appreciation is due to the property/location.

 

Depending on what exactly the consumption tax is, it may also shift more of the burden towards visitors, tourists and part time snowbirds.

 

Screw that Consumers Tax... just like a VAT tax on goods.

 

Depends on the construction cost. Several years ago the value of my house went up significantly within 1 year. Construction costs certainly didnt go up that much given the low inflation...this was pre COVID. Reason it went up is that less than a mile away they built 99 houses that cost a little over $1M.

 

I bought a small fixer upper for about 45k and have been doing a project a year on it. It now is worth about 250 but my assessed value because of save our homes is about 60k. My taxes are about 400 a year. Trying now how to figure out how to transfer ownership to my son without the taxes going up. lol

 

I for one can see right though this NEW consumption tax bill, and it has NO business even seeing DeSantis' desk. And if this is a Republican advocating for it they should be shown the door.

 

No, because homeowner's insurance covers other things such as liability and contents.