October 23, 2008
WASHINGTON – When the economy was good there was nothing hotter than Florida—the real estate market reached record-highs, consumer spending was strong and public universities expanded. But like Icarus, the Sunshine State’s economy melted and the public universities that relied on state tax revenue have been forced to undergo significant budget cuts.
Florida is one of nine states that do not collect income taxes. It also posted the second highest home foreclosure rate in the country for September, according to RealtyTrac Inc. While property taxes do not directly fund public higher education, construction taxes do. Housing starts across the U.S. were down 6.3 percent in September from August and more than 31 percent from a year prior, according to the U.S. Census Bureau.
For the rest of this story, click here.
