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Property Tax Swap Plan Floated

November 30th, 2007 by flanews

The Taxation and Budget Reform Commission is considering a plan that would exchange some property taxes for a temporary hike in the sales tax. The proposal from member Carlos Lacasa would give very homeowner a tax exemption worth half of their property’s market value. The state’s six-cent sales tax would increase by a penny. The commission is also floating other ideas.

Whether we want to introduce a proposal for numbering into the full commission on sales tax enclusions,” said chairwoman Susan Story. “And the second piece will be some property tax issues, like portability, highest and best use.

Last month Former Senate President John McKay proposed doing away with some of the property taxes that pay for education. He wants replace the money by getting rid of existing tax exemptions and placing a sales tax on professional services.

Posted in Property Taxes, State Budget, State News | 1 Comment »

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