“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
In his recent State of the State address, Gov. Ron DeSantis formally proposed an idea he had been pitching for weeks: eliminating property taxes in Florida, which would make the Sunshine State the first in the nation to do so. Under his proposal, voters would decide the matter in 2026, just before his second and final term ends in January 2027. Is this proposal a serious attempt to bring significant financial relief to homeowners, a way to further cement his impactful legacy, or a springboard to higher office? And how will public schools and municipalities make do with billions of fewer dollars? We explore in this edition of “South Florida by the numbers.”
$55 billion
Estimated shortfall that the removal of property taxes would create for Florida school districts and local governments. Most of that money ($33.7 billion) goes to government and social programs like police, firefighters and jails. The rest, $21.5 billion, goes to schools. The amount of property taxes raised in Florida has doubled over the past decade. [MiamiHerald]
$40 billion
According to the Florida Policy Institute, the estimated amount of revenue that could be generated if Florida were to double its 6 percent sales tax to 12 percent, which would be the highest in the nation. But DeSantis has already ruled out signing into law an increase in state sales taxes to cover the cost of services currently paid for by property taxes. [SunSentinel]
20
Florida’s U.S. rank in the category of most expensive homeowners’ median property tax amount, at $3,100. But some Florida homeowners have seen some of the nation’s largest property tax hikes in recent years. In Broward County, median property taxes have jumped 57 percent since 2019, an annual increase of $1,619 and the biggest percentage gain in the nation. Home prices in Broward are up nearly 60 percent in the same period. (Property taxes in Miami-Dade County have also risen sharply, gaining 50 percent since 2019, while home values have gained 59 percent.) [Realtor.com]
40 percent
Average increase in Florida property tax revenues over the last four years, prompting some lawmakers to sponsor other relief bills for homeowners — including one that would install a $100,000 exemption on all homesteaded and non-homesteaded properties. [Tallahassee.com]
2
Number of hypothetical “tiers” recently suggested by DeSantis as a layer to his proposal, wherein Florida’s tax burden could be absorbed by tourists and foreigners. Recognizing that such a system would disproportionately benefit high tourism areas (specifically mentioning Broward and Miami), he assured rural voters that tax revenue would be allocated accordingly. [FloridaPolitics]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.
