Are you tired of paying taxes on everything? Will Florida abolish property tax?
So, Florida’s Governor Ron DeSantis is pushing to get rid of property taxes in the state. He shared this on X, saying that taxing property is “more oppressive and ineffective” than other forms of taxes.
He mentioned that property taxes are local, not under state control, so to scrap them or even just make changes to lower them, we’d need a constitutional amendment—and that means we’d have to get 60% of voters to back it. He’s all for putting a solid amendment on the ballot that actually has a shot at hitting that number.
Right now, Florida mostly funds its budget through sales tax, but property taxes are super important for services we rely on like police, fire departments, and schools.
Amir Neto, who’s the Director at Florida Gulf Coast University’s Economic Research Institute, said that if we lose this source of revenue, we’ve got two choices: either stop spending money, or find another way to make up for it.
Looking at some data from CoreLogic, the average property tax in Florida for 2024 hit $3,101, which is up 9.5% from last year and a whopping 47.5% since 2019. South Florida has seen property taxes soar, with Miami-Dade County’s median payments jumping 56.8% since 2019, and Broward County’s also skyrocketing by 56.8%. During that time, home prices have gone up nearly the same, with Miami-Dade at 58.9% and Broward close behind at 59.9%.
Last year, Broward saw an 11.4% increase in property taxes, while Miami-Dade’s went up by 9.9%.
When you look nationally, the highest property tax rates in 2023 were found in the Northeast and Midwest. Illinois tops that list at 1.88%, followed by New Jersey at 1.64%, Connecticut at 1.54%, New York at 1.46%, and Nebraska at 1.46%, according to ATTOM. Interestingly, the Northeast held seven of the top ten states for property taxes, with New Jersey leading at an average of $9,488—almost ten times more than West Virginia, which has the lowest average at $989.
Unlike many states, Florida doesn’t have an income tax because of its tourism revenue, but after dealing with some pricey hurricanes recently, home insurance rates here are among the highest in the country. Insurify reports that home insurance premiums went up about 7% in 2024 and are likely to keep climbing. Interesting points, but will we answer the question – Will Florida Abolish Property Tax?
Miami Dade Inventory
Miami-Dade is a great example of issues with higher carrying costs and the impact on the economy. High property taxes couples with higher insurance costs have created the perfect storm of sellers without buyers ready to buy. Currently there are over 20,000 homes on the market listed for sale in Miami.
While we have over 22,000 homes listed for sale, January 2025 say less than 2,000 homes sold creating almost 16 months of inventory. We have not seen this many months of inventory since the Real Estate crash in 2008. It took until 2012 for the market to recover from that recession. While the Miami economy has transformed recently, no one believes a Real Estate Recession will happen again. Stay tuned.
MORE REAL ESTATE NEWS HERE: https://boosttvmedia.com/category/real-estate/
NBC 6 Florida reports here: https://www.nbcmiami.com/news/local/gov-desantis-indicates-support-for-abolishing-property-taxes-in-florida/3545856/
