Florida's plan to eliminate Property Taxes... (Page 1/1) 82-T/A [At Work] SEP 18, 06:04 PM For those who don't know, Florida has no income tax... so we only pay Federal taxes. We also have a pretty normal "middle of the road" sales tax of anywhere from 5-7% depending on the county you live in. The proposal is kinda interesting: Rep. Chamberlin proposes 'Freedom 1-2-3' plan aiming to phase out property taxes in Florida. BLUF / TL;DR: The plan includes three steps to create revenue to replace property taxes… The first action — Rollback — states that Chamberlin’s “main focus for now is getting the state to a plan for completely replacing the $43 Billion in county non-school and school property tax levies.” The plan consists of “one rollback and a revenue replacement plan” which he says would “move the state by legislation to the 2022-2023 property tax levies.” This action would result in “immediate relief,” according to Chamberlin. The second action involves transaction fees. Chamberlin is proposing the creation of a 5% transaction fee for all real estate sales. This 5% is a one-time fee in lieu of paying $3,000-$5,000 per year and can be financed at closing. This one fee will lower the monthly payments for most homeowners by hundreds of dollars per month. Another fee would be a public safety transaction fee of 5% which would apply to ride shares, hotel rooms, hospitality venues, and amusement parks. The third action is a “cent school sales fee,” according to Chamberlin, this “could be collected as a 2-cent statewide funding fee, and then every school district could have the option of levying up to 1 more cent to cover any gaps in state funding for schools.” Not sure... it seems they want to push the cost onto tourists, which currently makes up about 8-9% of Florida's overall sales tax. I THINK Florida could manage it. Florida, as it stands right now, is poised to pay off all of it's state debt by the end of next year, meaning it will be one of the only states that has no bonds or debt. The counties and cities themselves is a different story... but the state itself has done a fantastic job. Most of the property taxes go to the county, with some of it going to the city. It's going to be hard... honestly. I think it would need to be phased in slowly... I just don't know how they can implement something like this with the speed that they hope to. ray b SEP 20, 12:08 AM NUTS 82-T/A [At Work] SEP 20, 05:54 AM quote Originally posted by ray b: NUTS Haha... I'm not sure I agree with all of it, but it's a start. I like the first idea... setting it back to 2022/2023 tax year. That helps immediately.