Ron DeSantis pushes for reform that could change the housing market

Florida Gov. Ron DeSantis is backing a legislative proposal that seeks to eliminate property taxes in the state, an unprecedented move that could transform the housing market.

What does the proposal consist of?

State Senator Jonathan Martin introduced SB 852, which seeks to analyze the feasibility of eliminating property taxes in Florida entirely. To this end, an exhaustive study will be ordered to evaluate how this measure would affect:

• State and municipal revenues.

• Public services funded by these taxes, such as education, security, and transportation.

• Potential sources of offsetting for this revenue, such as budget cuts or a sales tax.

If this measure is approved, Florida would become the first state in the U.S. without property taxes, which could have a strong impact on real estate investment.

Impact on the real estate market

Eliminating property taxes could make Florida even more attractive to buyers and investors, generating an increase in demand for real estate. However, there are key factors to consider:

• Increased foreign and local investment: Without property taxes, Florida could become a magnet for new buyers, boosting real estate values and encouraging urban development.

  
  

• Impact on public services: Currently, property taxes finance essential areas such as security, urban maintenance. Without this source of revenue, adjustments to the state budget or new funding strategies would be needed.