Summary
There is a new analysis suggesting that home prices in Florida could rise by 7 to 9 percent if the state eliminates property taxes, as proposed by Governor Ron DeSantis. While this plan might help current homeowners, it could make homes less affordable for new buyers. Experts express concerns about the financial implications for the state and potential negative effects during economic downturns.
Key Facts
- Governor Ron DeSantis proposes eliminating property taxes in Florida.
- A Realtor.com analysis indicates home prices could increase by 7 to 9 percent if property taxes are removed.
- Eliminating these taxes could raise Florida's housing stock value by $200 billion to $250 billion.
- The proposal may benefit current homeowners but make it harder for new buyers to afford homes.
- Experts warn that Florida might need to raise sales taxes or find other revenue sources if property taxes are eliminated.
- Economists are concerned about the potential negative impact during a recession, noting Florida could face a housing surplus and financial strain.
