Bookkeeping

Governor Ron DeSantis is a proponent of the idea, which he says would save Florida homeowners money. Critics of the bill point to the $55 billion shortfall in local government and school district funding that it would create. Florida House Bill 1371 studied the idea of eliminating all property taxes in Florida. Although the study was completed in February 2025, such action would require a voter-approved constitutional amendment; therefore, the earliest the idea could be acted upon is during the 2026 Florida election cycle. Enter your property’s assessed value, select your location, and apply exemptions like homestead, Save Our Homes, senior, veteran, or disability exemptions for an accurate estimate. You can also shoot me an email with “property tax” in the subject line. Consumers are expected to save $44.8 million, costing the state $34.6 million and local governments $10.2 million. Thanks largely to Florida’s nonexistent income tax, the state ranks second in the nation in terms of securing a solid return on tax dollars. Sunshine isn’t the only thing that makes Florida a popular destination. The proposal comes as Floridians have seen property taxes spike nearly 60% within five years. How much is Florida property tax? Before you get too excited about Florida’s lack of an income tax, remember that no state is entirely tax-free. You’ll still pay property taxes if you own a home in Florida, and other purchases you make will be subject to the state’s 6% base sales tax rate, plus any county sales taxes that may apply. Eliminating property taxes means $55 billion a year less in the state’s coffers. Your Income Taxes Breakdown That means the only taxes you’ll see withheld from your paycheck petty cash are federal taxes. One can already hear the calculator keys wildly tapping as homeowners in the Sunshine State figure out what their mortgage payments might be without a property tax amount attached. Shoot, I might even be able to pay off my mortgage earlier than expected. From Sept. 8 to Dec. 31, sales taxes won’t be applied to a variety of items related to hunting, fishing and camping. Examples include: Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 12 to 48 months. florida income tax rate Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. It capped Florida homestead property value increases to no more than 3% in any given year for residents using a property as their primary residence. This kind of overhaul “limits local fiscal autonomy, gives outsized benefits to owners of more expensive properties, and makes the state more susceptible to economic downturns,” he said. It’s bad policy and we eliminated it in this (bill) which I think is good don’t get me wrong, but that probably affects a relatively small number of people,” DeSantis has said. However, property taxes in the Sunshine State had been climbing long before the pandemic came to shake real estate up. Florida’s tax burden stays low thanks to the taxes that tourists pay. Florida Tax Law: The Impact of Tax Reform on Florida’s Economy The homestead exemption will remain in place for as long as the spouse or joint tenant owns the property and maintains it as his or her permanent residence. There are eight bills that aim to reduce or abolish property taxes in Florida. The Office of the Tax Collector is charged with the duty of collecting taxes and distributing them to local governments. Florida is one of nine states that do not levy a personal income tax. Residents do not pay tax on wages, investment income or retirement distributions at the state level. On the flipside, it also means the state relies more heavily on other double declining balance depreciation method forms of taxation.