FORT MYERS, Fla. (WFLA) — The bill, introduced Tuesday, will require the Bureau of Economic and Demographic Research to conduct an investigation into the abolition of Florida property taxes.
The bill seeks to eliminate property taxes by finding effective ways to exchange revenue through budget cuts, sales-based sales taxes, and locally determined taxes.
The requirements for the proposed research include a thorough analysis of the impact on public services such as education, infrastructure and emergency services.
As well as assessing the impact on businesses across Florida, there is also a need to assess the potential impact, change and fluctuations of the housing market.
This study also takes into account consumer behaviors that contribute to long-term economic stability and growth.
If you pass, by October 1, 2025, you will need to submit a report to the Senate and Speaker of the House of Representatives, detailing the findings of the study.
The bill will come into effect on July 1st.
