DeSantis wants to end Florida property taxes as new resident influx continues

Florida has seen the flow of the new population in recent years, as Americans from the high states choose their low tax burdens, which can become lighter under a new proposal by the state’s Republican ruler.

State Governor Ron Desantis called for the abolition of property taxes because he works to provide Floridian by reducing property tax – a discussion that may continue next year after the legislature has not adopted a $ 1,000 smaller discount for real estate owners.

Desantis has criticized property taxes as it effectively compels homeowners to “pay the government’s rent” for their property and called for a measure to protect home owners in Florida in the poll next year.

Florida can prove that it is a more financially attractive destination for high-tax population such as California, New York and New Jersey while canceling or reducing property taxes-although it will already be provided significantly if they move to the state.

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“We see more home lawyers who are transported from states like New York, New Jersey and California to Florida, and not only reaching the weather,” said Raul Gastsi, co -founder of GASTESI LOPEZ Mestre & Cobiella, who has long been in Florida and has 35 years of experience in real estate and government relationships.

“A $ 600,000 house can come in those states with approximately 8,000 to $ 13,000 of property taxes. In Florida, the same house will come with a tax bill closer to $ 4900, and this is before the return of the house exempting,” he said. “Florida’s domestic exemption can reduce the taxable value at home for an amount of $ 50,000, which leads to more full -time annual annual savings.”

If legislators in Florida, or voters, are following the proposal to end the state’s property taxes, that the property tax law of $ 4,900 – provides the owner of the house about $ 408 per month throughout the year.

Gastsi added that Florida’s lack of state income tax will provide a family that earns 150,000 dollars annually ranging from $ 8,000 to $ 10,000 a year, so “when you add everything together, people can end with providing between 10,000 to $ 20,000 annually only by moving.”

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Florida Governor Ron Desantis suggested canceling property taxes in March 2025. (Getty Images / Clearance / Getty Images)

He also formed the debate about canceling property taxes, noting that although he will save home owners’ money, this may also cause other challenges in financing government.

“There was a growing talk about canceling property taxes on initial housing, and if that had advanced forward, the financial equation may be dramatically re -formed for home owners. It will make having a house here more attractive,” said Justisi.

He added: “But the big question is how the state will compensate for these missing revenues. If it ends with a solution to higher sales taxes, this may lead to the transformation of the financial burden into low -income families by reducing their ability to spend and live comfortably.”

Bill Harris, former CEO of Turbotax and PayPal, analyzed the change in Fox Business by designing his transfer from Redwood, California, to Miami Beach, Florida, based on the assumption that he was one of the taxes of $ 200,000, which is an investment portfolio of one million dollars that moved between Homes mono -difference.

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Wallethub released a report on Monday and found the best American retirement states in 2022. Florida was on the top of the list. Talhaasi, Florida, in the picture. (Istock)

“The marginal tax rate in California will be 9.3 % compared to 0 % in Florida, including taxes on investments, the total federal income tax bill may be about $ 68,000 in California and $ 48,000 in Florida,” Harris said.

He said that the average house consisting of two bedrooms in Redwood City is about $ 1.8 million, while about 750,000 dollars in Miami Beach-which will leave about one million dollars remain after its movement and lead to savings of about $ 10,000 a year in real estate taxes. Although the MIAMI BEACH property rate is higher than 1.2 % of Redwood City, the low value of the two bedrooms is about $ 5,000 in savings.

Harris added that if the state of Florida removes property taxes, this will mean another $ 14,000 of savings – although he said that this would require a constitutional amendment in addition to replacing this revenue source with sales taxes, so it is believed that it is unlikely to happen soon.

He also pointed out that the cost of living is 50 % higher in Redwood City compared to MIAMI Beach, which can achieve savings of about $ 10,000 in living expenses.

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“Add it, and I can save about $ 45,000 annually of expenses and taxes, with clarity for one million dollars of commercial homes,” Harris said.