The Florida House Ways and Means Committee unanimously approved a measure to permanently reduce the state sales tax from 6% to 5.25%.
Governor Desantis had proposed to deliver up to $1,000 in tax rebates to each homesteaded property in the Sunshine State. The property tax relief rebates would have been issued in December 2025 if the Florida Legislature granted authority.
The governor noted that the sales tax cut would benefit tourists and part-time residents, and he would rather see foreigners subsidize tax cuts for Floridians.
The sales tax reduction proposed by the Ways and Means Committee is part of the budget process and its passing by lawmakers isn’t certain. The Senate will take it into consideration and pass its own budget in the coming weeks for the coming fiscal year July 1st.
Source: Kiplinger
Note: In Pinellas County we have the additional 1% “Penny for Pinellas” that was instituted in 1987. The state sales tax is currently 6%, but it totals 7% in Pinellas County.
Mortgage Rates
Remain Under 7%
The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week. At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.
