Florida Property Tax Cut Could Strain Local Credit, S&P Says

Local governments in Florida will face “greater credit pressure” if voters approve a plan to largely eliminate property taxes on more than half of homes in the state, according to analysts at S&P Global Ratings.

The proposal would introduce financial uncertainty and, if passed, could leave some local government bond issuers facing “material” revenue and spending challenges, according to a new report by S&P analysts, including Michael Parker, the rating company’s primary Florida analyst. …

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