Florida Weighs Overhaul of Property Tax System

Florida is considering a significant overhaul of its property tax system due to rising home values and insurance costs. One proposal, HJR 1039, aims to exempt flood mitigation improvements from property tax assessments, helping homeowners afford protective measures against storm damage. Governor Ron DeSantis has expressed interest in potentially eliminating property taxes altogether, citing the financial burden on residents. However, eliminating property taxes could require a substantial increase in sales tax, as they are a major revenue source. Despite these challenges, numerous bills are currently under consideration in the Florida state legislature.