Property taxes falling
Homeowners in some 21 states are holding their breath, hoping for reform that'll bring property tax relief. Four states have already slashed property taxes. But not everyone shares the joy, particularly schools and other local agencies that rely on tax dollars. Dan Grech reports.
A sign announces this project in the city of Marco Island, Fla. was funded by tax dollars. (*Checco* via Flickr)
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Bob Moon: Homeowners across the country are feeling the pinch of huge tax bills. That's especially painful now that the housing market is in a slump. At least 21 states are working on relief. This year property tax reforms passed in New Jersey, Texas, and South Carolina. Just yesterday, Florida slashed property taxes in what it's calling the biggest tax cut in state history. From Miami, Marketplace's Dan Grech has more.
Dan Grech: Florida will cut its dreaded property taxes by $15.6 billion over the next five years.
Pete Sepp: In terms of the dollar amount of taxes cut, the Florida law would have to set a national record.
That's Pete Sepp with the National Taxpayers Union, a nonpartisan group that promotes lower taxes. He says property taxes became unaffordable for many homeowners after the recent housing boom.
Sepp: Nothing has fueled the nationwide tax revolt more than the issue of property taxes. They have been — and will remain — the number one tax issue at the state and local level for a long time to come.
Lobbyists from Florida's real estate and building industries pushed relentlessly for the cuts. They hope lower property taxes will attract more home buyers to the state.
Meanwhile, local governments and public schools say the tax cut will ravage their budgets.
I'm Dan Grech for Marketplace.
