Wednesday, January 7, 2015

Fla. real estate taxes predicted to be a windfall

TALLAHASSEE, Fla. – Jan. 6, 2015 – State economists are forecasting another uptick this year in Florida's real estate tax collections – now a central part of the debate over new, voter-approved conservation efforts.
Documentary tax receipts are expected to hit $2.3 billion in the 2015-16 budget year, an increase of about $200 million over this year's collections.
But the flow of what is known as doc stamps into the state budget has been a roller-coaster over the past decade – peaking at about $4 billion during the red-hot housing market of 2006 only to plunge to $1.5 billion three years later.
At their peak, taxes from real estate transactions fueled huge budget surpluses. One state analyst likened them at the time to the "golden goose" in fairy tales, but conceded that analogy fell short...

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