Florida Governor Ron DeSantis unveiled a much-awaited proposal to gradually eliminate property taxes on the vast majority of primary homes in the state, a measure that would transform the way the state finances itself.
DeSantis proposed eliminating property taxes on the first $250,000 of homesteaded properties, which would fully eliminate property taxes for 60% of Floridians, the governor said in a press conference. The tax exemption would eventually rise to homestead properties of $500,000 and cover 92% of homeowners. The current exemption on the assessed value of a home is $50,000.
“If some billionaire from Brazil is buying, tax them, good, that’s fine with me,” DeSantis said. “I’m looking out for the Floridians here.”
The governor called a special session for lawmakers in Tallahassee to begin debating the proposal next week. To become law, 60% of legislators will have to approve it and another 60% of voters later this year.
In order to prevent a huge influx of new residents buying homes to take advantage of the tax relief, DeSantis said it would require that Floridians have residency for at least five years before being able to access the benefit.
More than a dozen states are considering eliminating or severely restricting property taxes, which would upend a critical source of funding for local governments. The push is part of a broader revolt that’s being stoked by largely Republican lawmakers tapping into consumers’ frustration with rising costs as inflationary pressures drives up prices.
DeSantis proposed using surplus revenue at the state level to create a trust that would support rural counties requiring help to cover school, police, firefighter and other services that are currently funded by property taxes.
“You know in Palm Beach they’re sitting on a gold mine,” said DeSantis. “They’ve got people that live there three months a year and buy $25 million homes. Well then that should be your tax base, it shouldn’t be the cops, teachers and small business owners.”
The Florida leader, who briefly ran for president in 2024, is in his last full year of a two-term mandate as governor and has floated eliminating property taxes as one of his final measures to cement his legacy. In the press conference he said local governments have excessively charged residents with property taxes rising to about $60 billion a year from $32 billion in 2019.
Florida lawmakers are planning to vote on the next fiscal year budget later this week. DeSantis said he expects it to be lower than the previous year after his vetoes and that spending from the state level has declined each year over the past four years.
Photo: Bloomberg
Florida House Tried in February to Put Property Tax Measure on the Ballot
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