Property taxes have been skyrocketing, as the values of most homes have doubled or even tripled in recent years.
Several proposals could go before the voters next year if they get the OK from state lawmakers in the upcoming session. They would reduce or eliminate property taxes, which are the fiscal backbone of local governments.
As much as one-third of revenue in Pinellas and Hillsborough counties comes from property taxes. That goes down to about one-fifth in Sarasota and Manatee counties.
That's from a study from the nonprofit Florida Policy Institute.
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The institute's director of research, Esteban Leonardo Santis, said during a webinar on Wednesday that proposals that could come before state lawmakers during the next session should be looked at very carefully.
“If you make a tax cut, you're going to have to still balance the budget, which means you have essentially three options: One, you cut services; two, you raise taxes or fees; or three, you do a combination of both," Santis said. "Nothing really is free when it comes to public budgeting, and we have to gauge those decisions before we make sweeping reforms.”
The study shows up to $18 billion could be at stake for counties, cities and school districts if property taxes are eliminated.
The organization found that at the county government and school district level, about 36% of property tax revenue comes from taxes levied on homesteaded properties — roughly $7.8 billion for counties and $7.7 billion for school districts — while at the municipal level, homestead property-tax revenue totals about $3 billion.
Statewide, property taxes contribute $21.6 billion to counties. About 36% — or $7.8 billion — comes from taxes on homesteaded properties.
Here's the potential impact on Tampa Bay and Sarasota-area counties:
Pinellas County
There are a total of 245,795 homesteaded properties and 187,160 non-homesteaded properties.
Property taxes generate a total of $831 million for the county.
Property taxes from homesteads generate $316 million, approximately 13% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $316 million (about 13% of all revenue).
Eliminating property taxes for all properties would cost $831million (about 33% of all revenue).
Hillsborough County
There are a total of 299,561 homesteaded properties and 225,174 non-homesteaded properties.
Property taxes generate a total of $1,474 million for the county.
Property taxes from homesteads generate $554 million, approximately 13% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $554 million (about 13% of all revenue).
Eliminating property taxes for all properties would cost $1,474 million (about 35% of all revenue).
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Manatee County
There are a total of 107,518 homesteaded properties and 117,183 non-homesteaded properties.
Property taxes generate a total of $457 million for the county.
Property taxes from homesteads generate $189 million, approximately 8% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $189 million (about 8% of all revenue).
Eliminating property taxes for all properties would cost $457 million (about 20% of all revenue).
Sarasota County
There are a total of 136,879 homesteaded properties and 167,088 non-homesteaded properties.
Property taxes generate a total of $412 million for the county.
Property taxes from homesteads generate $163 million, approximately 9% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $163 million (about 9% of all revenue).
Eliminating property taxes for all properties would cost $412 million (about 23% of all revenue).
Polk County
There are a total of 168,288 homesteaded properties and 260,979 non-homesteaded properties.
Property taxes generate a total of $459 million for the county.
Property taxes from homesteads generate $153 million, approximately 10% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $153 million (about 10% of all revenue).
Eliminating property taxes for all properties would cost $459 million (about 30% of all revenue).
Pasco County
There are a total of 164,927 homesteaded properties and 162,844 non-homesteaded properties.
Property taxes generate a total of $563 million for the county.
Property taxes from homesteads generate $267 million, approximately 15% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $267 million (about 15% of all revenue).
Eliminating property taxes for all properties would cost $563 million (about 31% of all revenue).
Hernando County
There are a total of 58,206 homesteaded properties and 60,910 non-homesteaded properties.
Property taxes generate a total of $138 million for the county.
Property taxes from homesteads generate $62 million, approximately 12% of all the county's revenue.
Overall, eliminating property taxes for homesteaded properties would cost $62 million (about 12% of all revenue).
Eliminating property taxes for all properties would cost $138 million (about 27% of all revenue).
