The new tax relief plan signed by Gov. Ron DeSantis last week includes a series of tax breaks for Florida families, including those that will reduce their tax bill in the short term. Many of the tax breaks, which will begin on July 1, are designed to help families save money, especially on necessities like diapers and clothes for children. For example, a tax break on diapers will save families about $38 million over the next year.
The tax breaks will help Florida families purchase essential items more affordably. Gasoline, diapers, disaster supplies, and other necessities will be cheaper, and this will help families pay their bills more quickly. The new tax relief also helps Florida’s economy. The state will be able to restore its unemployed fund to four billion dollars.
Despite the high cost of living, Florida taxpayers are relieved to know that dozens of necessities are now tax-free. During October, gas will be tax-free, saving drivers more than a quarter of a cent on a gallon. Similarly, many other items will be exempted from state sales taxes.
Another tax-relief option available to Florida taxpayers is the homestead exemption. This is a constitutional benefit and exempts up to $50,000 of your assessed value. As long as you are a bona fide Florida resident and have legal, beneficial, or equity title to your home, you can apply for the homestead exemption. The homestead exemption also applies to businesses.