Florida's Taxation and Budget Reform Commission Puts Tax-Swap Plan on November Ballot
Florida's Taxation and Budget Reform Commission Puts Tax-Swap Plan on November Ballot. If approved by 60% of the voters of Florida depending on where you live your property taxes would be reduced by 25% - 50%. Tax assessment increases for non-homestead property would be capped at 5 percent per year. Currently is capped at 10% and homesteaded property is capped at 3%. The state sales tax would likely be increased by 1% to help pay for education and other services, though there would likely have to be further budget cuts or some current sales tax exemptions might be repealed. though legislators say the exemptions would remain on food, health services, prescription drugs, the sale of real property and items for resale.