• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Economy

Can Florida Eliminate Property Taxes?

by June 5, 2025
by June 5, 2025

In March, Florida Governor Ron DeSantis told lawmakers they have his full support to end property taxes statewide. 

“Taxpayers need relief,” DeSantis said. “You buy a home, you pay off the mortgage, and yet you still have to write a check to the government every year just for the privilege of living on your own private property… Is the property yours, or are you just renting it from the government?”

“You should own your property free and clear… I think to say that someone that’s been in their house for 35 years has to keep owing the government money, you know…you don’t own your home, if that’s the case.”

The Governor then described buying a flat-screen TV and then having to continue making tax payments on it. 

“That’s not how we do things,” he said. “It’s like, ok, if you’re going to tax something, tax it at the transaction, and then let people actually enjoy their private property, free and clear of the government. So that, I think, is the vision. That’s the philosophical insight.”

The most critical line is the last one: is it truly your property if you risk losing it to the government? Is this a “property tax” or a rent payment you make to the state to keep a roof over your head?

Philosophically, property taxes are arguably one of the most dishonorable taxes established in the modern world, not unique to the United States, as they are implemented in the vast majority of global legislations. Based on sources like Tax Foundation or Immigrant Invest, only a small handful of countries — approximately 175 to 185, over 90 percent globally — have some form of property tax, with the few exceptions typically being tax havens, principalities, or petrodollar monarchies like the United Arab Emirates. These are the exception, not the norm.

At the federal level in the United States, it is impossible to enact legislation to eliminate or dismantle this tax, which is why the governor of Florida is attempting to do it in his State. 

But he faces several legal, jurisdictional, and budgetary hurdles.

The Budgetary Hurdles

Economically, several aspects would need to be reconsidered before advancing such a measure. 

According to reports, property taxes in Florida generate $55 billion annually, funding 73 percent of school budgets and a significant portion of local services. Eliminating them would require alternative revenue sources for the government or, preferably, massive cuts in public spending. DeSantis has suggested that Florida should generate more revenue from tourism and reduce spending. While this sounds appealing — like Elon Musk’s chainsaw — it would still fall short of balancing the budget and would require political commitment from local leaders to move in this direction.

The state of Florida has experienced a real estate boom driven by mass migration from states like New York and California to the Sunshine State, which has driven up housing prices and, consequently, property taxes. According to a Redfin report, between 2019 and 2024, the average tax bill in Jacksonville and Tampa increased by nearly 60 percent, while in Miami and Fort Lauderdale, it grew by 48 percent. Statewide, the median property tax rose by 47.5 percent during the same period, according to CoreLogic.

On average, Florida homeowners pay about $2,338 per year in property taxes, with a state effective rate of 0.80 percent of the assessed value, though this varies by county. For example, in Miami-Dade, the average is $2,756 for properties valued between $350,000 and $400,000 (1.01 percent rate), while in Broward, it’s $3,305 for homes with a median value of $346,000 (0.95 percent rate). Although property insurance is not legally required by state law, homeowners are practically obligated to obtain it, as mortgage lenders and condominium or HOA regulations mandate it. The average property insurance premium in the state is $4,419 per year due to risks like hurricanes and increasing requirements such as flood insurance. Thus, Florida homeowners may end up spending over $6,500 annually to maintain a roof over their heads.

The Legal and Jurisdictional Hurdles

The great challenge for the Republican governor is to successfully promote legislation that aligns all local governments and reconciles their budgets, or at the very least, advances an agenda that creates a collaborative plan among various authorities with a common goal, as property taxes in Florida are collected by local governments, something DeSantis acknowledges.

“Property taxes are local, not state,” he said. “So, we’d need to do a constitutional amendment (requires 60 percent of voters to approve) to eliminate them (which I would support) or even to reform or lower them.” 

The problem lies in the fact that state spending has grown so much that many governments no longer know how to survive without high tax rates, imposing burdens on every transaction you make. This would require not only a massive economic adjustment but also a political responsibility that is difficult to achieve.

Currently, it seems challenging — indeed, nearly impossible — for such a proposal to move forward, especially in local governments dependent on these taxes. Therefore, one path the governor could take is to propose a constitutional amendment to strip local governments of their authority over property taxes, though this would require 60 percent of the vote to pass.

At the moment, support in the Florida Congress is divided, with Speaker Daniel Pérez, also a Republican, opposing DeSantis’s agenda. This has led the governor of Florida to declare that there are factions within the Republican Party in the state that have been co-opted by the left and are unwilling to cut spending and taxes, a problem that appears to be present at the federal level as well.

Other States Have Tried

Florida is not the only state that has embarked on a crusade against property taxes; other Republican-majority states have attempted to end this burden on homeowners. 

At least five states have tried in recent years to abolish this tax for citizens. However, most proposals consistently fall short, generally for the same reasons: budgetary deficits. 

In North Dakota, voters rejected Measure 4, fearing that the loss of $1.3 billion annually would harm schools and local services. In Michigan, the AxMiTax initiative failed to collect the required 446,000 signatures for the ballot, facing opposition due to the lack of a plan to replace $14 billion in revenue, including $2.5 billion for schools. In Nebraska, the Legislative Bill 388 stalled over concerns about budget cuts and the regressive impact of new consumption taxes. In Texas, a non-binding proposal gained Republican support but did not advance due to unaddressed budgetary concerns, as did Wyoming’s House Bill 203, which was rejected by the House of Representatives. 

Essentially, a national debate has emerged about the need to abolish property taxes, but the excessive growth of local and state budgets has, for now, made it an impossible mission to reach agreements to eliminate this burden on taxpayers. 

It appears challenging for any legislative proposal to move forward without first restructuring public spending. Nevertheless, it is a significant achievement that several states have initiated an open discussion on this issue, and that one of the leading political figures in the United States, like Governor Ron DeSantis, has highlighted property taxes as an extortionate burden on citizens, preventing taxpayers from retiring with dignity.

0 comment
0
FacebookTwitterPinterestEmail

previous post
From Risks to Financials: The Business Side of Being a Self-Employed IT Consultant
next post
The Spiritual Battle Between Communism and Capitalism

Related Posts

Fed Governor’s Labor Market Warning Validated by BLS...

August 6, 2025

War on Words: The ‘Free Speech Recession’ Is...

August 6, 2025

Spontaneous Order Created Stablecoins — How Did Regulating...

August 6, 2025

Spontaneous Order Created Stablecoins — How Did Regulating...

August 6, 2025

War on Words: The ‘Free Speech Recession’ Is...

August 6, 2025

Gargantuan ‘bird cemeteries’ in Burgum’s crosshairs as DOI...

August 6, 2025

Netherlands becomes first NATO ally to buy US...

August 6, 2025

Key aide in IRS’ Tea Party targeting controversy...

August 6, 2025

Michelle Obama celebrates Barack as ‘coolest guy’ on...

August 6, 2025

Supreme Court orders new arguments in pivotal elections...

August 6, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • SPARK Microsystems and Softgent Collaborate on Ultra Efficient Wireless Communication and Positioning for Healthcare and Industrial Markets

    August 7, 2025
  • Ceva’s 20 Billion Device Milestone Paves the Way for a New Era in Smart Edge Innovation

    August 7, 2025
  • Soracom Marks 10 Years of Growth with New Vision for Making Things Happen in IoT, AI, and Beyond

    August 7, 2025
  • Fed Governor’s Labor Market Warning Validated by BLS Revision

    August 6, 2025
  • War on Words: The ‘Free Speech Recession’ Is Not Over

    August 6, 2025
  • Spontaneous Order Created Stablecoins — How Did Regulating Them Become a Strategic Consensus?

    August 6, 2025

Editors’ Picks

  • 1

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 2

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 5

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025
  • 6

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025
  • 7

    Elon Musk says federal employees must fill out productivity reports or resign

    February 23, 2025

Categories

  • Economy (2,100)
  • Editor's Pick (209)
  • Investing (185)
  • Stock (1,404)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

‘The Value of Others’ Isn’t Especially Valuable

April 17, 2025

Dismantling Overreach: Why Reining in the CFPB...

March 5, 2025

Trump to deliver first address of his...

March 4, 2025