In a recent post on X, the governor stated that land/property taxes are “the more oppressive and ineffective” form of taxation.
He added, “Property taxes are local, not state. To eliminate them (which I support) or even reform/lower them, we’d need a constitutional amendment, which requires 60% voter approval. We should aim for the boldest amendment that can still meet that 60% threshold.”
While Florida’s statewide budget primarily relies on sales tax, property taxes play a vital role in funding essential services like police, fire departments, and schools.
Amir Neto, Director of the Original Economic Research Institute at Florida Gulf Coast University, told ABC Action News that losing this revenue would require either halting certain expenditures or finding alternative ways to generate the same income.
Data from CoreLogic reveals that the median property tax in Florida for 2024 is $3,101, marking a 9.5% increase from the previous year and a 47.5% rise since 2019. Property taxes in South Florida, especially, have seen significant jumps. In Miami-Dade County, median property tax payments have risen by 56.8% since 2019, while neighboring Broward County has seen a similar increase. Over the same period, home prices in both counties appreciated by about 58.9% and 59.9%, respectively. Last year alone, Broward’s property taxes rose by 11.4%, while Miami-Dade’s increased by 9.9%.
Nationally, the highest effective property tax rates in 2023 were found in the Northeast and Midwest, with Illinois (1.88%), New Jersey (1.64%), Connecticut (1.54%), New York (1.46%), and Nebraska (1.46%) leading the way, according to ATTOM. The Northeast was home to seven of the ten states with the highest average property taxes. New Jersey topped the list at $9,488—almost 10 times the average in West Virginia, where the average property tax was just $989.
Thanks to its tourism revenue, Florida does not impose an income tax. However, due to the frequent hurricanes in recent years, home insurance rates in the state are among the highest in the nation. According to Insurify, home insurance premiums rose about 7% in 2024 and are expected to continue rising.
Source: Housingwire
Source: Housingwire
