Correction: The article of this headline said the bill would eliminate all property taxes if passed. It has been corrected to accurately state what the revised bill would do.
TAMPA, Fla. (WFLA) — Florida lawmakers could look into eliminating all property tax and replace lost revenue through a consumption tax depending on a potential study, according to the Florida Senate.
House Bill 1371, originally filed on Jan. 5, exempted $100,000 of the value of real property from being taxed. Those over the age of 65 would be qualified to be exempted from property tax up to $250,000.
Related video: Florida lawmaker promises new bill would drop insurance rates like a rock.
Lawmakers would have to create rules, an application process, and documentation to prove age and property ownership.
In a revised version of the bill filed on Feb. 1, it states that the Office of Program Policy Analysis and Government Accountability would study what the impact would be of getting rid of all property tax and replacing that lost money through a consumption tax. They are to submit their findings to the President of the Senate and Speaker of the House Representatives by Feb. 1, 2025.
The act will go into effect when it becomes a law.