Florida is considering a landmark move to ditch property taxes
Image: First Coast News
In the future, the only thing for certain in Florida could be death and some taxes.
Top lawmakers in the Sunshine State have proposed plans to sharply reduce or eliminate property taxes, in an effort to reduce the soaring costs of homeownership across the state.
And while a full repeal of property taxes â something thatâs never been done in America â is unlikely to occur in the near future, the idea is gaining political traction.
A breakdown: Floridaâs property-tax system is among the top issues in its legislative session that began this month. There are currently three bills seeking to lower property taxes or even remove them altogether, the latter of which is a move supported by Florida Gov. Ron DeSantis.
- However, Floridaâs legislature doesnât have control over property taxes â local governments do.
- This means any overarching change must be put directly to Florida voters through a constitutional amendment, which wouldnât happen until at least 2026.
Suffering from success
The movement against property taxes in Florida is largely tied to a recent spike in local homeownersâ tax bills, since their home values have climbed in recent years. This means taxes on those properties, which are based on market value, also saw a corresponding increase.
- The amount of property tax levied on Florida residents has roughly doubled over the past decade, reaching $55 billion/year.
- Florida also has the highest home-insurance rates in America (~$11,800/year on average) due to a recent uptick in major natural disasters. As a result, many residents and lawmakers are looking to cut homeownership costs in other areasâŚsuch as property taxes.
ButâŚSome policy experts warn that eliminating property taxes would come at a cost. Such taxes are responsible for funding critical local government services including schools, fire and police departments, libraries, and public parks.
Zoom out: In addition to Florida, lawmakers in several other states â including Wyoming, Kansas, and Montana â are currently weighing significant property-tax limitations. On the flip side, North Dakota rejected a ballot measure in November that would have eliminated most property taxes.
đ Flash poll: In general, how do you feel about the movement to reduce or eliminate property taxes as a way of lowering costs associated with homeownership?
See a 360° view of what pundits are saying â
Sprinkles from the Left
- Some commentators argue that if property taxes are to be reduced or eliminated in Florida, the state needs to either implement an income tax higher than 0% in response, or risk far higher sales taxes and far lower government revenue in the future.
- Others contend that there are already programs that limit taxes for many homeowners, and a better approach than eliminating property taxes would be to expand these programs or find other ways to help middle- and working-class homeowners who pay a greater share of their income toward taxes.
- âIf property taxes are doomed, an income tax is fairerâ âFlorida Sun Sentinel Editorial Board
- âFloridians need a property tax break, but hereâs why DeSantisâ proposal is dangerousâ âMiami Herald Editorial Board
- âItâs Time to End the Quiet Cruelty of Property Taxesâ âDr. Andrew W. Kahrl, NY Times
Sprinkles from the Right
- Some commentators argue that Floridaâs plan to reduce property taxes is a great idea â so long as cutting waste in local government budgets can offset the end of property taxes, rather than simply replacing them with new taxes on income.
- Others contend that by allowing housing costs to soar far beyond the inflation rate, public officials have turned property taxes into a political third rail across the country, and that homeowners should object to much higher bills when nothing about their properties or public services has changed.
- âAnother Reason to Move to Florida?â âJames Freeman, Wall Street Journal
- âHow property tax increases became a new third rail in US politicsâ âChicago Tribune Editorial Board
- âEliminating Texas property taxes is a fake âconservativeâ promiseâ âDallas Morning News Editorial Board
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