On The Market Florida Pushes to Abolish Property Taxes, These States Could Follow Soon
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Mar 27, 2025 Florida is pushing to eliminate property taxes, aiming to combat skyrocketing housing costs and improve affordability for homeowners. If successful, other states might follow suit, potentially reshaping the tax landscape across the country. The discussion includes the financial feasibility of such a bold move and its implications for public services and infrastructure. There’s also a deep dive into how these reforms could boost buyer demand and influence the real estate market. Will Floridians reap the rewards or face unforeseen consequences?
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Florida's Affordability Crisis
- Florida's housing affordability has plummeted due to exploding property values and insurance costs.
- This makes exploring property tax reduction a logical step for the government.
Florida Property Tax Rate
- Florida's property taxes are around 0.8% of home values, which is the national average.
- The increase in property taxes is due to rising property values, not an increased tax rate.
Taxes: The Price of Society
- States collect revenue through various taxes, including property, income, sales, and corporate taxes.
- Taxes fund essential services like roads, schools, and hospitals, forming the "price of civilized society."