fbpx

Florida’s Property Taxes for 2024 Set to Reflect Record Inflation: What Homeowners Need to Know

The recent surge in property appraisals has resulted in significant tax increases for homeowners across Florida, with some facing the highest hikes they’ve ever experienced. For many, this means having to allocate hundreds more dollars each month to cover their property taxes.

Property taxes in Florida are determined based on the market value of real estate properties, and while these values are gradually starting to decrease after reaching an all-time high, the current trajectory is causing concern. Dominic Calabro, the President and CEO of Florida TaxWatch, a tax research institute, has voiced the view that the current tax system is becoming unsustainable.

Several factors, including impact fees, a growing population, and the highest inflation rate in the nation, are contributing to this financial stress. The cumulative effect may even force some individuals out of the property market altogether.

Calabro expressed his concern that Florida could become a place where the cost of living, including food and housing, becomes prohibitive for people with average and low incomes. He emphasized that while taxes are crucial for funding essential services, there’s a growing imbalance that is adversely affecting people, especially those with modest incomes.

Originally, the expectation was that people should not spend more than 30% of their income on rent. However, the current situation has pushed some individuals to allocate as much as 80% of their income to housing expenses.

Calabro stressed the importance of finding a balance in tax collection and urged homeowners to take advantage of homestead exemptions. Additionally, he encouraged individuals to become more engaged in local city and county politics to influence change in the tax system.

A proposed bill, HJR 469, aimed at lowering property taxes in Florida through a constitutional amendment scheduled for the 2024 ballot, was unsuccessful and died on the house floor in May.

LEAVE A REPLY

Please enter your name here
Please enter your comment!

Property Deals

Twin Lakes Villas 4100 NW 16th Ave Fort Lauderdale, FL 33309

Rare Financing Opportunity: Assume a $6,571,000 loan at a fixed 4.2% rate until 2032. Spacious Layouts: All units feature 2 or 3-bedroom, two-story townhouse designs...

Stickler-Marshall Bldg 2870 Stirling Rd Hollywood, FL 33020

Unique Opportunity: Renovated Office Building and Warehouse with Bonus Lot for New Construction! This exceptional property offers a one-of-a-kind office building and warehouse, plus a...

South Beach NNN Leaseback Investment Hospital 538 Meridian Ave Miami Beach, FL 33139

Contract Details Term: 5 years remaining Annual Increase: 3.5% Extensions: Not applicable Guarantor: CVC Corp, one of Latin America's largest travel groups, operating in...

More Posts