Florida Gov. Ron DeSantis is pushing to eliminate property taxes on homeowners in the state, but a new analysis suggests the move would come at a heavy price for renters and first-time homebuyers.
DeSantis has argued that taxes on homeowners are oppressive and fuel wasteful spending by bloated local governments.
"Property taxes effectively require homeowners to pay rent to the government," he said earlier this year.
If property taxes were eliminated outright on owner-occupied homes in Florida, property values in the state would immediately jump by about 7% to 9%, according to a new analysis from the Realtor.com® economic research team.
This would boost the aggregate value of Florida’s owner-occupied housing stock by about $200 billion to $250 billion, creating an immediate windfall for current homeowners, but only at the expense of future first-time buyers.
"It would be a boon to existing property owners," says Realtor.com senior economist Joel Berner, who conducted the analysis. "But this measure would disproportionately benefit wealthy Floridians at the expense of those who don’t own homes, and would make it even harder to break into homeownership because of the increased prices."
Source:
https://www.realtor.com/news/trends/florida-property-taxes-eliminate-home-values-desantis/
Liên Minh Bảo Hiến Mỹ Gốc Việt
Vietnamese American Conservative Alliance (VACA)
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