Florida: Tax Boost for Property

Tax measures have been introduced which should boost the Florida property market. The state’s Legislature has approved the largest property tax cuts in state history following the damage done by hurricanes in recent years.

Jill Diamond, of Florida property firm Clearsky, said: “The Florida property taxation system, unlike in the UK, does reflect the costs and so does go down as well as up. This is a positive factor.”

It is expected that the market will pick up as buyers recognise that their bill payments will be smaller as a result of the cuts.

The Legislature passed a property tax relief and reform package that will cut property taxes for property owners in Florida by almost $32 billion dollars over the next five years. The greatest savings for Florida’s homeowners will be created by a new “Super Homestead” exemption which will provide an average 44% reduction on most home-owners tax bills.