Florida plans to eliminate property taxes for homeowners

Florida is considering a bold move to help struggling homeowners. State leaders are discussing the possibility of eliminating property taxes entirely. This comes as many residents face rising costs from mortgages and insurance. Governor Ron DeSantis supports the idea, stating that homeownership has become too costly for many Floridians. The median home prices in areas like Miami, Orlando, and Tampa have surged significantly over the past decade. For instance, the typical home price in Miami has quadrupled since 2012. The proposal aims to ease the financial strain on families, especially those on fixed incomes or retirees. A resident, Zoe Tosteson Losada, shared that her property tax bill increased sharply, putting her retirement plans in jeopardy. Real estate experts are cautious about the plan. Jeff Lichtenstein, a Palm Beach realtor, noted that eliminating property taxes could lead to a loss of funding for essential public services like schools and police. Florida relies heavily on property taxes, as there is no personal income tax in the state. To move forward, an amendment would need to be proposed and approved by voters in 2026, requiring a 60 percent majority. Many in Florida hope this could bring relief from the high costs of homeownership.