Title: Study on the Elimination of Property Taxes

Summary: Requiring the Office of Economic and Demographic Research to conduct a specified study; requiring the office to submit a report to the Legislature by a specified date, etc.

Full Text:
An act relating to a study on the elimination of property taxes; requiring the Office of Economic and Demographic Research to conduct a specified study; specifying the requirements of such study; requiring the office to submit a report to the Legislature by a specified date; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1.  (1)   The Office of Economic and Demographic Research shall conduct a study to establish a framework to eliminate property taxes under chapters through,Florida Statutes, and to replac eproperty tax revenues through budget reductions, sales-based consumption taxes, and locally determined consumption taxes authorized by the Legislature. (2)   The study must include, at a minimum, all of the following: (a)   An analysis of the potential impact of eliminating property taxes on public services, including education, infrastructure, and emergency services. (b)   An assessment of potential housing market fluctuations, including changes in homeownership rates and property values. (c)   An evaluation of whether a shift to consumption-based tax es would make Florida more attractive to businesses compared to other states. (d)   An analysis of the potential impact of eliminating property taxes on overall economic stability, consumer behavior, and long-term economic growth. (3)   By October 1, 2025, the office shall submit a report detailing the study s findings to the President of the Senate and the Speaker of the House of Representatives. Section 2. This act shall take effect July 1, 2025.