In Florida, property taxes contribute 50%–60% of school district revenue and 18% of county funds, totaling $55 billion in the 2024-25 fiscal year
Florida lawmakers and Gov. Ron DeSantis are considering eliminating property taxes in the state to battle rising home prices, spiking insurance premiums, and ballooning tax bills.
Over the past few months, several bills have been introduced to the state’s legislature that focus on small property tax reliefs to full-scale removal of it.
Property taxes are the yearly fees homeowners pay based on the value of their house. This bill has skyrocketed for some Florida regions. Median home prices have quadrupled in Miami and tripled in Orlando and Tampa since 2012.
Subsequently, it means higher taxes.
Retirees hard hit
An elderly couple in Palm Beach Gardens saw their tax bill jump from $6,000 to $10,700 in one year after buying an $809,000 home, making retirement there unaffordable.
The median property tax in Jacksonville and Tampa rose almost 60% between 2019 and 2024, according to Redfin. Meanwhile, the median for US property taxes only grew 23.6% between 2019 and 2023.
While eliminating property taxes may relieve homeowners, it has far-reaching consequences.
Property taxes are crucial funding to local governments. Critics warn that scrapping the taxes, which fund schools, police, and social services, could force drastic budget cuts or require doubling the state’s sales tax to 12% to fill the gap.
In Florida, property taxes contribute 50%–60% of school district revenue and 18% of county funds, totaling $55 billion in the 2024-25 fiscal year.
Not just Florida, several other states, including Wyoming, Kansas, and Montana, are contemplating property tax limitations. In November, North Dakota voters rejected a ballot measure doing away with property taxes.
