Florida Governor Ron DeSantis has unveiled his plan for property tax reform, calling for an increase in the state’s homestead exemption that would virtually wipe out taxes for millions of residents.
The plan — which DeSantis shared in a one-page summary — would increase the state’s homestead exemption from $50,000 to $250,000, a move that would virtually eliminate property taxes for about 60 percent of Florida residents who now qualify for the exemption, according to POLITICO. DeSantis wants to increase the exemption level further over the next few years.
DeSantis also called for a special legislative session on property taxes on Monday, which will restart talks about how to best deliver property tax reform.
The proposal promises to revive the much-debated issue of how to offer relief to homeowners in the Sunshine State struggling with higher property tax bills, which had been stalling for the past few weeks.
The Florida House passed a bill before the end of the legislative session that would have gradually increased the homestead exemption over 10 years, fully exempting homesteads from non-school taxes by 2037. But the state Senate failed to pick up the bill, and it had remained in limbo until now. It is not yet clear whether lawmakers will proceed with the governor’s plan.
This is a developing story. More to follow.
Read the full article here
