TaxWatch Says its a Tax Increase

Florida's booming real estate market has resulted in a financial bonanza for cities and counties that rely on the property taxes.

Florida TaxWatch is calling on local governments to either roll back tax rates or at least make sure residents realize they are, in effect, paying a tax increase.

Total taxable property is expected to grow by $142 billion this year. That's an increase of almost 13 percent.

Harvey Bennett of Florida TaxWatch says no matter how you look at it it’s an increase in taxes.

"In times like this of rising property values, we urge governments to roll back these tax rates so that its revenue neutral. If they don't do that due to growing demands and the needs for more local money, at least say you're going to do that acknowledge that, and use the money in prudent ways.”

Bennett says local governments should not use the extra money to begin new projects, since Florida's real estate boom could come to an end at any time.