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

85% of Palm Beach County voters approved Amendment 1
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.

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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