Small County Coalition
of Florida

EDR Releases the 2024 Local Government Financial Information Handbook

Includes Revenue Estimating Conference Results and Data

2024 Local Government Financial Information Handbook

The Local Government Financial Information Handbook for 2024 was released last week.  The publication is a reference for many of the revenue sources available to local governments and contains items useful for local government budgeting purposes, including descriptions of revenue sources, estimated revenue distributions, and adjusted population estimates used for revenue-sharing calculations. This publication serves as a guide to understanding constitutional and statutory provisions pertaining to these revenue sources; however, questions of legal interpretation should be directed to appropriate legal counsel.

PROPERTY TAX IN FLORIDA

A significant issue this session has been reducing the tax rates.   A number of proposals have surfaced.  The Senate is asking for an OPPAGA review in the interim.   The House has a Select Committee appointed by the Speaker. 

House Select Committee On Property Taxes will Hold Second Meeting

The House Select Committee on Property Taxes held its first meeting –  Thursday, May 1st.  The Committee will meet again tomorrow from 2:00pm-3:30pm.   The meeting can be viewed live on The Florida Channel.

Membership of the House Select Committee on Property Taxes

The following documents are provided for background:

• Property Tax Overview – What, How, and Who!
• Timeline relating to the Property Tax Homestead Exemption in Florida  
• Key Terms Related to Florida’s Property Taxes  

The committee is tasked with reviewing the current state of property taxes in Florida and exploring proposals to reduce the financial burden on homeowners. 

The Select Committee has been requested to explore potential reforms, including:

• Requiring every city, county, and special district to hold a referendum on the question of eliminating property taxes on homestead properties.
• Creating a new $500,000 homestead exemption, as well as a $1 million homestead exemption for properties owned by Floridians aged 65 and older, or who have had a homestead for 30 years, applicable to all non-school taxes.
• Authorizing the Legislature to increase the homestead exemption to any value by general law.
• Modifying the assessment increase limitations on property values.  For homestead properties, changing the cap from the lower of 3% or CPI to a flat 3% over any three-year period for all taxes.  For non-homestead properties, changing the cap from 10% annually to 15% over any three-year period for all non-school taxes.
• Protecting Homeownership by eliminating the ability to foreclose on a homestead property due to a property tax lien.