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Florida Realtors Push For Property Tax Cap

August 17th, 2017 by Jake Stofan

 

Since 2008, annual increases on property taxes for businesses and rental properties have been capped at 10%.

Previously taxes were left to the will of the market meaning property owners were vulnerable to extreme tax spikes.

 

“Well I think it’s just the fear that it could happen I think that’s more than anything. Rents do go up and property taxes do go up,” said James Miller, Communications Director with the Florida Retail Federation.

The cap goes away in 2019.

But support is growing for a proposed constitutional amendment that would make the 10% cap permanent.

The Florida Retail Federation says permanent caps will benefit Florida’s businesses and renters.

 

“It enables the state to remain strong and vibrant and get people their business here and move their business here and that’s really ultimately what you want,” said Miller.

Some organizations like the AFLCIO say the state can’t afford the loss of revenue a permanent cap would create.

Rich Templin, Legislative Director for the organization says Florida is the 49th in support for public services.

With most of the cost picked up by lower income groups.

 

“We have relied over the last decade on bumper sticker type polices which just isn’t sound financial policy.,” said Templin.

Tempin says although the tax cut may sound good on paper, Floridian’s will pay the price if services are cut.

 

“Florida does not generate the revenue that it could easily generate because our revenue policy is a hodgepodge of exemptions, loopholes, caps and what that’s done is it’s essentially starving the programming that Floridians really need,” said Templin.

Supporters of the amendment say the state has nothing to lose, as the caps have already been in place for 8 years.

The cap on residential homeowners is already set 3%.

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