Florida property tax will be cut by 20%
Property owners in Florida could see a dramatic reduction in the amount of property tax they pay if the plans to slash bills by 20% are implemented.
A Florida House of Representatives plan released on Wednesday suggests the drop, and also proposes giving voters the option of abolishing the tax entirely on primary homes, in preference of higher sales taxes.
Strong house price growth in some counties has meant the value of property taxes has reached high levels for some homeowners and the plans are likely to be welcomed by residents.
The proposal was unveiled by House Speaker Marco Rubio who called for a vote later this year on whether or not to implement a homestead exemption, Associated Press reports.
The suggested 20% reduction for second homes would not need to go to a public vote, although it does need Senate approval and that of Governor Charlie Crist - who has spoken out in favour of property tax cuts.
Mr Rubio asserted that the loss of revenue to local government would be offset by a rise in sales tax from 6% to 8.5%. "Almost $6 billion [~£3 billion] in new dollars are going to be in people's pockets. That generates a lot of economic activity," he said.
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