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Various options could theoretically replace the revenue lost from property taxes. Increasing the statewide sales tax from its current 6% could be one avenue, though this approach could have adverse effects on low-income residents. Another possibility is expanding tourism taxes, a risky approach given the volatility of the tourism sector. Taxing corporations more is another potential strategy, yet any increase must be balanced carefully to maintain Florida's appeal as a business-friendly environment.
Ultimately, the elimination of property taxes could necessitate a combination of these strategies while potentially requiring reductions in government services to balance the budget gap left by the absence of property tax revenue.