Florida's Property Tax Reduction Bill Explained #realestate #realestatenews #floridarealestate

This November Floridians will get the opportunity to vote on a bill that could drastically reduce their property tax bill. Currently, people who call Florida home receive a $25,000 deduction on taxable home value for single people and $50,000 for married people. For example, if you purchased your home for $400,000, the value you're homestead would be taxed at is $350,000.

This new bill would triple this number in 2027 to $150,000 ($75,000 for unmarried person) and rocket up to $250,000 in 2028 ($125,000 for an unmarried person). That would bring the taxable valuable of the $400,000 house in the previous example down to $150,000 in 2028! Taxes are broken down into millage rates (1 'mil' = 0.1% of the home value). This designates certain percentages of your taxes towards different things. This deduction would not be applied to funding schools which is an important factor. The contribution of your taxes towards schools is anywhere from 30% - 50% of your property collected taxes so if your home was worth $300,000 and you were able to claim $150,000 homestead deduction, it would not result in a 50% reduction in your property taxes. that said, the average home owner will have their property taxes reduced by around $1,000 per year!

While the state government would be reducing property taxes, they actually don't receive any of the property tax revenue. Municipal governments (city, county, etc.) cover just under 20% of their budget with property taxes and would be forced to subsidize this lost income. Thankfully taxes collected to fund schools would be unaffected.

Видео Florida's Property Tax Reduction Bill Explained #realestate #realestatenews #floridarealestate канала Bryan Burns Real Estate