Florida Bill Proposes In-Depth Study on the Feasibility of Abolishing Property Taxes in the State

Correction: The headline of this article previously inaccurately claimed that the bill would eliminate all property taxes upon passage. It has been rectified to accurately reflect the revised bill’s provisions.

TAMPA, Fla. — Florida lawmakers are considering the possibility of exploring the elimination of all property taxes and compensating for lost revenue through a consumption tax, pending a potential study, as per the Florida Senate.

House Bill 1371, initially submitted on January 5, proposed an exemption of $100,000 for the value of real property from taxation. Individuals aged 65 and above would qualify for a property tax exemption of up to $250,000.

Lawmakers will need to establish regulations, an application procedure, and documentation requirements for verifying age and property ownership.

In an amended edition of the bill submitted on February 1, it specifies that the Office of Program Policy Analysis and Government Accountability will conduct a study to assess the potential repercussions of eliminating all property taxes and compensating for the lost revenue through a consumption tax. The findings are expected to be submitted to the President of the Senate and Speaker of the House Representatives by February 1, 2025.

The legislation will come into effect upon its enactment into law.