A recent (March 2021) report from Wallet Hub (https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494) compares the 50 States on their relative Total Tax Burden. The Total Tax Burden looks at 3 factors. First there is Property Tax. Second is Individual Income State Tax. Finally, the Sales & Excise Tax. Florida Property Tax Assessment may be affected by recent pandemic-related shortfalls.
Overall, Florida ranks as the 5th lowest in overall tax burdens. This comes with a caution, because Florida is one of 6 states that do not collect a State Tax on Individual Income. This leaves Property Tax and Sales & Excise Taxes.
When ranking Property Tax, Florida’s 2.74% burden drops her from the 5th least overall, to the 29th most. The report ranks Florida in the Top 10 most burdened Sales & Excise Tax, at 4.23%. Florida draws heavily from Tourist Industry related sales. This includes hotels, car rentals, restaurant & bars, conventions, and those famous attractions. It also includes the typical discretionary excise taxes like tobacco, alcohol, gasoline and gambling.
Florida’s Sales & Excise Tax revenues have suffered due to the devastating effects of the Coronavirus pandemic. This leaves Florida Property Tax Assessment standing in the spotlight as a potential source to recover lost revenues.
Any business or individual that has vested real estate interests should be prepared to protect their investments with comprehensive Property Tax Mitigation efforts.
Champions Commercial Consulting LLC stands at the ready to evaluate your Property Tax Assessment and represent your interests in navigating tax mitigation in all Florida counties.