PROPOSED TAX BREAK FOR FLOOD PREVENTION

There could be a tax break for Floridians who elevate their homes to avoid flooding. Under proposals announced by House Speaker Chris Sprowls, up to 100 million dollars a year would be set aside to help local governments combat rising sea levels. Florida Governor Ron DeSantis proposed providing a billion dollars over the next four years for resiliency projects to help combat the effects of climate change. The proposal would ask voters in 2022 to approve a constitutional amendment to provide a property-tax break when residents elevate homes to avoid the impacts of flooding and rising seas. Such improvements would not be considered in determining assessed values of homes for tax purposes.

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