Every state across the nation collects property taxes, in most cases to fund local governments, water, and school districts. Florida is no different.
However, Florida lawmakers are now looking at possibly eliminating property taxes altogether. HB 1371 sponsored by Rep. Ryan Chamberlin, R-Marion, calls for a study to investigate the issue. The Senate is considering a comparable bill.
According to the Florida constitution, only local governments can charge ad valorem or property taxes based on the value of the property as of Jan. 1 each year. So, homeowners never really own their property outright if they must pay an annual tax on it.
Florida property taxes generated $25 billion for local governments and schools last year alone. The burning question is how to replace those funds. A consumption tax or increased sales tax would be a logical consideration.
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