Why Florida’s Property Tax Change Is Bad News for Renters
Summary
Florida voters will decide in November on Amendment 3, a constitutional change that would cut property taxes for many homeowners but might increase costs for renters. Supporters say it helps homeowners with rising expenses, while critics warn it could raise rent and reduce local government services.Key Facts
- Amendment 3 proposes large cuts to property taxes for Florida homeowners by raising the homestead exemption limit.
- The exemption would increase from $50,000 to $150,000 in 2027 and to $250,000 in 2028, not including school taxes.
- Florida property tax revenue has grown about 62.8% from 2019 to 2024, from $31 billion to $55 billion.
- About two-thirds of Florida households own homes; roughly 2.83 million people rent.
- Renters in Florida spend about 37.4% of their income on rent, making it the state with the highest rent burden in the U.S.
- Experts warn that cutting property taxes on homes will shift the tax burden to renters, businesses, and local governments.
- This shift may lead to higher rents, increased fees, and reduced public services like schools and safety.
- Governor Ron DeSantis supported eliminating property taxes but settled for this amendment.
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