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The six percent sales and use tax is Florida state government’s largest revenue sourceby far, currently bringing in approximately $36 billion annually. When the almost $6 billion in local option sales tax collections is included with the state tax, the $42 billion total collections make the sales tax the number one tax source for all Florida governments, topping the $40 billion local property tax.

Florida’s economy is strong. If Florida were a country, its gross domestic product (GDP) would rank 14th among economies worldwide, and its ambitions do not stop there. Florida aims to be within the top ten economies by 2030. By this time, two in three jobs are expected to require specialized training, a credential, or a degree. To achieve its economic goal, Florida will need to continue developing its specialized workforce. With 120,000 students completing Florida College System (FCS) programs each year, the FCS plays a critical role in providing the talent pipeline necessary to reach Florida’s economic goal and does so at a very affordable cost to students and Florida taxpayers alike.

The annual Florida TaxWatch How Florida Compares: Taxes report ranks Florida’s state and local taxes against those levied around the nation. The nearly 40 tables, charts, and graphs in this report provide comprehensive information on state and local tax rates, tax collections, and other government revenues for all 50 states, and historical information for Florida.

Florida has remained in good financial standing this past fiscal year. This is also true of the state’s debt position. FY 2021-22 marks the ninth consecutive year with a debt ratio below the six percent target established by the Legislature. In addition:

At the state level, taxpayers in Florida have enjoyed tax cuts passed by the Legislature every year since 2009.  However, at the local level, Florida voters continue to vote to significantly increase the taxes they pay.  A 2021 Florida TaxWatch report discovered that since 2010, Floridians voted to increase their own taxes 142 times. This includes voting to extend existing expiring tax levies.

Florida’s housing market is raging, with growth in property values not seen since the housing bubble. Property appraisers certified the state’s taxable value for 2022 on July 1 and these values are currently being used by local governments and school districts in setting new property tax rates and developing budgets for FY 2022-23. The growth in property values has set the stage for what could be significant tax increases for Florida’s citizens and businesses.

An undercount is nothing new to Florida, but its current persistence inflicts costs more formidable than in previous years.  Throughout the decade, Floridians can expect to lose between $11 billion and $21 billion. The decennial Census count and American Community Survey (ACS) help communities understand local patterns of population growth, specialized workers, income, employment statuses, and transportation needs.

On Thursday, April 14, Florida TaxWatch joins the taxpayers in our state in celebrating Florida Taxpayer Independence Day 2022. On that day, Floridians are finally earning money for themselves–not for the tax collector. This symbolic date assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations. This measure of tax burden is based on the relative size of all taxes paid in Florida to our state’s total personal income. In 2022, for the average Florida household, paying its taxes takes 103 out of 365 days, nearly three and a half months.

The Infrastructure Investment and Jobs Act (IIJA),1 signed by President Biden on November 15, 2021, will make a significant investment in the nation’s transportation system and other infrastructure. Billions of dollars will be distributed to the states for a wide range of projects, including all modes of transportation, broadband, cyber security, water infrastructure, energy, climate change, resiliency, and pollution mitigation. Florida will get a sizable chunk of these funds.

Have you ever wondered how Florida’s taxes stack up against the taxes in other states? If so, this report is for you.