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Tax Watchdog Calls Amendment 5 Bad Bet

July 23rd, 2008 by flanews

A state tax watchdog says a plan to cut property taxes by 25 percent could result in an overall tax increase for Floridians. Florida TaxWatch held a news conference today in Tallahassee, to discuss their research on Amendment Five. The proposed constitutional amendment would cut property taxes by at least 25 percent, and raise sales tax by a penny. A one cent sales tax increase wouldnt plug the hole left by the property tax cut which is set up to fund schools. Lawmakers would have to find different ways to fill the budget void. TaxWatch President Dominic Calabro said the proposal comes at a bad time.

It leaves an 11 billion dollar hole. It takes funding from local government and dumps it without reasonable time frame all at one time and at the worst time in the states economic history since the Great Depression, said Calabro.

The Florida Association of Realtors says Amendment Five could boost Floridas failing real estate market. Sixty percent of voters will have to cast ballots for the amendment in November in order for it to become law.

Posted in Property Taxes, State News, Taxes, Voting | No Comments »

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