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:
Voters approve $2.2 billion in tax referenda and $1.4 in bond issues in 2021 and 2022
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.