Florida property taxes could drop to 0%. As the state struggles with some of the lowest affordability in the country, with home insurance almost doubling in five years and home prices increasing by more than 50% compared to pre-pandemic pricing, Floridian homeowners have seen their housing costs explode. So, what if they could save thousands of dollars a year by ditching property taxes?
If Florida makes it work, this could open up the floodgates for many other states to pass similar bills. But WILL it work? A significant amount of Florida’s tax revenue comes from property taxes, so will they be efficient enough to work with a tighter budget, or will infrastructure break down due to the massive loss in government funding?
And, if property taxes are eliminated, boosting affordability, could buyer demand surge as well? We ran the numbers, and the potential savings on housing costs are substantial. If Florida proves a successful 0% property tax test case, other states (including yours) could be next.
In This Episode We Cover
Florida’s new legislative push to abolish or reduce property taxes for homeowners
How much homeowners would save every month if their property taxes were eliminated
Can Florida afford to ban property taxes, and which services would be compromised if they did?
States that are most likely to eliminate property taxes if Florida succeeds
Serious side effects of eliminating property taxes and who pays the price
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Join BiggerPockets for FREE
Sign Up for the On the Market Newsletter
Find an Investor-Friendly Agent in Your Area
How You Can Legally Minimize Rental Property Taxes as Much as Possible
Dave's BiggerPockets Profile
Sources of State and Local Tax Collections
Know Your Numbers BEFORE You Buy with “Real Estate by the Numbers”
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-307
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