State officials should consider capping local government spending from property taxes, according to a report Gilreath has forwarded to commission members. Only after that, should they look at reducing reliance on property taxes using something like an additional sales tax.
Take the example of Nationwide Insurance Co. of Florida's recent proposed increase, submitted in July and revised last month. The company wants to raise rates by an average of 71.4 percent statewide, but is calling for even larger increases in South Florida -- as high as 82.1 percent in Broward and 105.8 percent in Palm Beach County -- where there's a high risk of storms. Other parts of Florida, such as the Panhandle, are facing significant price increases, too, to bring homeowners prices in line with storm risk.
Tags:
Additional sales Tax
State home owners Insurance
Florida's Insurance
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment