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 will require lawmaker support before going on the ballot in November for voters to weigh in.
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DeSantis proposed lifting the exemption on homesteaded properties to $250,000 which would fully eliminate property taxes for 60% of Floridians, the governor said in a press conference. The exemption would eventually rise to $500,000 and cover 92% of homeowners. The current exemption on the assessed value of a home is $50,000.
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.
At least 18 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 drive 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.
The Florida leader, who briefly
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.
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