Expense of Tax Incentives on Inexpensive Living Spaces Discuss in State Legislature

living spaces discuss in the state legislature | Image Credit: reddit.com
living spaces discuss in the state legislature | Image Credit: reddit.com

On Friday, the cost of HB 1299, a proposal for cheap living spaces, was taken into consideration by the state Revenue Estimating Conference. The measure permits counties and towns to offer tax exemptions to property owners who have auxiliary housing units on their land.

These ancillary housing units might be guest houses or connected living quarters that are divided off from the main residence. For the area to be eligible, the kitchen and bathroom must be completely functional.

The main topics of discussion during the Impact Conference were the effects of this housing on taxes and property value. If these living spaces account for 35 percent of the property value, they are expected to result in a $781 million loss in tax revenue.

The actual amount will ultimately depend on how the exclusions are implemented by local governments. Until then, the Florida Legislature will continue to work on HB 1299.

Source:
https://www.wmnf.org/state-legislature-discusses-the-cost-of-tax-breaks-on-affordable-living-spaces/


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