Fox Information actual property contributor Katrina Campins joins ‘Varney & Co.’ to debate Florida’s housing growth, the blue state wealth exodus and why hovering luxurious demand is pricing out first-time homebuyers.
As Individuals proceed to flee high-tax blue states for lower-tax locations, Florida lawmakers have simply handed what supporters describe as a significant win for financial freedom.
Transferring to offer long-term property tax reduction for residents, the Florida Legislature has cleared a historic, DeSantis-backed constitutional modification for the November 2026 common election poll that would remove non-school property taxes for a lot of householders by means of a proposed $250,000 homestead exemption.
“I feel will probably be notably interesting to folks leaving the Northeast and different high-tax states who’re evaluating the place to ascertain everlasting residency. The state already wins on climate and way of life. Tax coverage merely turns into one other benefit in an more and more aggressive relocation panorama,” Douglas Elliman’s Nick Malinosky instructed Fox Information Digital.
“This proposal may strengthen that attraction, notably amongst households planning a everlasting transfer slightly than buying a second house. I feel it may encourage extra households, retirees and distant employees to ascertain Florida residency,” Elliman colleague Lourdes Alatriste added.
FLORIDA A.G. SAYS OPENAI ‘EXPOSED’ TO BILLIONS IN POTENTIAL DAMAGES, CITES EVIDENCE UNCOVERED IN INVESTIGATION
“The most important beneficiaries could also be households and retirees trying to set up everlasting residency and maximize long-term financial savings,” The Corcoran Group’s Mick Duchon agreed.
Florida Gov. Ron DeSantis’-backed HJR 1-F handed within the state legislature on Tuesday, June 2, 2026. (Getty Pictures)
If Florida voters approve Home Joint Decision (HJR) 1-F in November, the quantity of your own home’s worth that’s exempt from sure property taxes would enhance over the following two years. On Jan. 1, 2027, the homestead exemption would enhance from the prevailing $50,000 to $150,000. One 12 months later, in 2028, the homestead exemption would rise to $250,000. For some householders, that would cut back non-school native property taxes to zero.
A Florida Senate press launch states that this units up the framework “for full [tax] exemption over time.”
Residents who set up main Florida residency on or earlier than Dec. 31, 2026, can be eligible for the expanded exemption when it takes impact. Nevertheless, those that transfer to the state after that deadline must wait 4 years earlier than qualifying for the complete $250,000 exemption.
Douglas Elliman’s Lourdes Alatriste brings Fox Information Digital inside an $18.9 million house in Coconut Grove, the place historical past and luxurious intersect.
“By rising the homestead exemption, the proposal may assist cut back the tax burden on main residences and supply householders with larger monetary flexibility 12 months after 12 months,” Alatriste mentioned.
“What I am listening to from shoppers is much less about hypothesis and extra about affordability. Patrons see it as a possible strategy to cut back their long-term value of possession, whereas current householders view it as significant reduction in a market the place insurance coverage, upkeep and different housing bills have continued to climb,” Douglas Elliman’s Senada Adzem mentioned.
“Whether or not somebody owns a $500,000 house or a $20 million house,” Malinosky added, “everybody has felt the impression of rising possession prices over the previous a number of years. Shoppers are inspired that lawmakers are taking a look at methods to offer tax reduction.”
The Corcoran Group’s Mick Duchon provides Fox Information Digital a tour of a $21.95 million unit on the 4 Seasons residences in Surfside, the place ex-Starbucks CEO Howard Schultz simply purchased the penthouse.
The modification’s language would scale back the annual evaluation enhance cap on non-homestead properties, together with many business properties, from 10% to five% per 12 months.
This tax break wouldn’t apply to high school board taxes, and native governments can be required to prioritize remaining property tax income for companies reminiscent of police, hearth rescue, EMS, infrastructure, flood-control tasks and authorities worker pensions.
“The strongest argument in favor is that it presents reduction to Florida householders at a time when affordability stays a significant concern,” Alatriste mentioned. “The most important problem will likely be answering questions on how native governments and faculty districts would offset the discount in tax income.”
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Gov. Ron DeSantis joins ‘Cling Out with Sean Hannity’ to debate the huge migration to Florida and why blue states like New York and California are dealing with declining populations.
“Voters will probably help the idea of tax reduction, however they will additionally need transparency concerning colleges, public security, infrastructure and municipal budgets. If lawmakers can clearly deal with these considerations, the proposal has a powerful probability of gaining broad help,” Duchon famous.
“The strongest promoting level is affordability,” Malinosky mentioned. “I feel voters are typically supportive of tax reduction, however they’ll need clear solutions earlier than approving a constitutional modification of this magnitude.”
