The Real Deal Miami

Florida’s real estate taxes expected to reach $2.3B in 2015

Doc taxes peaked at $4B in 2006
December 30, 2014 10:30AM

Aerial shot of Palm Beach

85% of Palm Beach County voters approved Amendment 1

Florida’s real estate taxes are expected to increase by $200 million in 2015.

Documentary tax receipts, which peaked at about $4 billion in 2006 and plunged to $1.5 billion in 2009, reportedly could reach $2.3 billion in the next fiscal year.

The increase is being closely watched by environmentalists due to the recently approved Florida Water and Land Legacy Amendment 1, which allows the state to use one-third of the tax collections for land and water protection and conservation, the Palm Beach Post reported.

A legislative committee next week will begin discussions on how the dollars can be spent. [Palm Beach Post]Katherine Kallergis