A new bill introduced by Florida lawmakers could eliminate all property tax and replace lost revenue through a consumption tax, according to the Florida Senate (h/t WFLA).
The bill, called House Bill 1371, was originally filed on January 5th exempted $100,000 of the value of real property from being taxed and residents over the age of 65 would be qualified to be exempted from property tax up to $250,000.
Florida lawmakers would be tasked with making rules, an application process, and documentation to prove age and property ownership.
A revised version of the bill was filed on February 1st, and stated that the Office of Program Policy Analysis and Government Accountability is to study what the impact would be eliminating all property tax and replacing the lost money through a consumption tax.
The Office of Program Policy Analysis and Government Accountability is set to submit their findings to the President of the Senate and Speaker of the House Representatives by February 1st, 2025, and the act would going into effect when it becomes a law.