Every area of the country has its own troubles and deals with it in their own way. For the area of Pembroke Pines, the new Broward County sales tax increase is being put in place to help revamp and repair the county’s transportation system. Residents, businesses, and visitors are all going to be paying a little extra to help the cause. If you’re in the area, it is important to rely on local experts and professionals who can help you navigate these new taxes. The bookkeeping services at SmarTax, LLC. will give you all of the assistance you need to make sure you are abiding by all of the new requirements.
What Are the Details of the New Broward County Sales Tax
The new voter-approved sales tax increase will be in effect for the next thirty years and is an effort to help with the county’s transportation. This plan is the most expensive in America and was passed by voters in 2018. Although the tax increase is only a penny, going from six cents to seven cents for every dollar that is spent in the county, the increase will end up costing you and your family a lot more. Experts averaged that each household in Broward will spend about an extra $174 a year. Of course, you can easily spend more than this each year since the more you spend, the more you end up paying. Not only will this tax increase affect the homes in Broward, but it is also going to impact any person that shops there. This means that even people who don’t utilize the roads or transportation often are helping pay for the improvements needed. Roughly thirty percent of the proceeds for this project are expected to come from tourists and visitors who do not live in the area. However, if you do live in the area, it is important that you find bookkeeping services that can help you keep track of everything you are paying.
It is important to note that not all good will be taxed. The increase will only be applied to items that are already taxed when you buy them. This means that groceries, medicines, prescriptions, and medical equipment won’t be taxed. Some of the items that will see an increase are clothing, appliances, electronics, jewelry, restaurant meals, and other prepared foods. Also, the tax increase is limited to only the first $5,000 of an item’s cost. This means that if you’re looking to buy a new car, the tax will only make a $50 difference. Officials expect to make roughly $15.6 billion over the entire tax increase for the next thirty years. The first full year it is expected that the county will raise about $357 million.
Even with its sales tax increase, the county will not have the highest sales tax in the state. The new seven percent sales tax will bring Broward County to the same level as Miami-Dade County and Palm Beach County, which are right next door. The highest sales tax will belong to Hillsborough County since their voters approved a 1.5 cent increase raising their tax to 8.5 percent.
Although you’ll notice the money that you are paying you won’t, unfortunately, notice any improvements on the roads. The first year of the sales tax increase will involve a lot of planning and organization. One of the biggest parts of this planning and organization process will be to find some projects that can be done at the same time in order to cut down costs and make things move faster.
Contact Us For Bookkeeping Services
SmarTax LLC provides payroll services in the Pembroke Pines area. We assist our clients with all of their tax needs to make sure they meet all their deadlines and requirements. If you have questions about the new Broward County sales tax call or visit us today to find out how we can help with your tax needs!