Governor DeSantis has raised the idea of eliminating property taxes—not a change, not a prediction, but a serious discussion about eliminating property taxes. At the current stage, many different ideas are being entertained. At first, it seemed that only bona fide Florida residents would benefit, and now the idea of eliminating property taxes completely – with some important caveats and trade offs – is on the table as well. The proposals and ideas are plentiful and still evolving, so introducing them here in more detail would be counterproductive and highly speculative. Nevertheless, property taxes are a major ownership cost, and reduction of such taxes would likely influence how buyers view Florida real estate.
If you’re already considering buying in Florida within the next couple of years, being aware of current policy discussions that may affect long-term ownership costs and potential changes in demand can be an important consideration in the decision-making process. It should not surprise anyone that many people, especially those sitting on a fence and now living in high income tax states, would be even more incentivized to move to the Sunshine State, had the taxes been successfully eliminated or even significantly reduced.
At this stage, attempting to predict how these ideas will develop would be highly speculative. However, being aware of policy developments and understanding how they may influence buyer sentiment and ownership costs in Florida versus other states is worth your consideration. Staying informed allows buyers to make well-reasoned decisions based on current facts, personal circumstances, and evolving market conditions. I cannot guarantee anything regarding political developments and new regulations, but I’d like to encourage you to monitor how the situation evolves if you are planning to make a move within a foreseeable future.
Disclaimer: This content is provided for general informational purposes only. It does not constitute legal, tax, or investment advice, nor does it predict future legislative actions or real estate market outcomes. Real estate decisions should be based on current market conditions, individual circumstances, and consultation with qualified professionals.