FLORIDA – From sky-high property taxes to soaring insurance premiums, affordability is becoming a dealbreaker for people wanting to move to the Sunshine State, and it’s resulting in bold proposals from Gov. Ron DeSantis.
While Florida remains a popular destination for vacation, the influx of newcomers to the Sunshine State has slowed significantly, according to data from the U.S Census Bureau, and the main factors being cited for the migration slowdown include the rising costs to own a home, high property taxes, insurance premiums, and overall affordability.
“Mortgage levels are higher because it costs more to purchase a home,” explained Mark Friedlander, senior director of media relations at the Insurance Information Institute. “Real estate taxes are up. Insurance is still amongst the most expensive in the US, although it’s moderated basically flat in 2024, which is great news, but it’s still amongst the top five most expensive states for insurance in the country.”
However, Friedlander believes the state appears to be getting a handle on property insurance rates as the market stabilizes.
Gov. DeSantis, however, is tackling the state’s property tax reform by creating a select committee to solve the issue, and News4JAX has learned the property tax committee is considering reforms like:
- Eliminating property taxes altogether
- Eliminating foreclosures on homestead properties that are due to property tax liens
- Introducing a new $500,000 homestead exemption
Issues like these could be on the ballot in 2026, and the idea of eliminating property taxes is getting mixed reviews.
For example, one News4JAX Insider writes, “How do you think your law enforcement and fire departments get funded? Where’s that money gonna come from? Unless you want higher gas tax and sales tax, it’s not possible unless you are willing to lose city services.”
Another insider, who’s also a business owner, writes, “The whole point would be to help families and help small businesses. It seems every year our business gets reassessed, and currently we pay over $50,000 a year just in property taxes, and then quarterly we pay almost $1,000 for fire service. If that went away, we could hire one or two good-paying positions.”
According to the governor, the committee plans to continue its work until the fall, aiming for the full House to address the issue at the start of the 2026 legislative session.