Florida Builders Hear Sides of Tax Swap Proposal
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Associated Press: Florida's homebuilders were told Saturday that a proposal to slash property taxes raised for schools in exchange for other new revenue will boost home sales and help an industry that's suffering through an economic downturn. And they were also told the proposal won't be worth it because they'll be paying more taxes on materials and services. Both sides of the Amendment 5 debate presented their cases to members of the Florida Homebuilders Association and gave a much different views of how the proposed constitutional amendment will affect the industry. The proposal would eliminate property taxes that go to schools, which make up an average of about 25 percent of property owners' total tax bill. Lawmakers would be given a wide latitude to find other ways to make up the difference, but it would most likely be through a 1 percent sales tax increase and the elimination of tax exemptions on some goods and services. Another provision would lower the cap on annual assessment increases from 10 percent to 5 percent for all property except primary homes, which already have a 3 percent limit.
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