The James Madison Institute (JMI) has released a new report evaluating options to reform Florida’s current property tax system, including the economic impacts of the status quo and various reform options.
The study, entitled “Property Tax Relief in Florida: Challenges, Options, and the Path to True Homeownership[1],” found an overwhelming desire among Floridians to reduce or eliminate property tax exposure.
Authored by Vance Ginn and Joseph Johns, a poll included in the study found that 72% of Floridians crave some form of reform.
Options in the report include incremental measures such as increased homestead exemptions, appraisal caps or short-term relief through levied caps; surplus-driven buydowns with local spending caps to gradually lower millage rates; and a sales tax swap to shift school funding away from property taxes.
The key takeaway in the study was not whether property tax burdens should be lowered, but rather how far reforms should go, with findings showing that Florida has the opportunity to lead the nation in lasting relief.
“The James Madison Institute provides a clear roadmap for Floridians in the property tax debate. With local property taxes exceeding $55 billion a year and rising far faster than population and inflation, families are being priced out of their homes,” said Ginn, President of Ginn Economic Consulting.
“Real reform begins with limiting spending and responsibly reducing — or even eliminating — property taxes to protect homeownership and strengthen Florida’s future.”
Doug Wheeler, Director of the George Gibbs Center for Economic Prosperity at JMI, agrees.
“Florida’s rising property tax burden quietly undermines the very economic freedoms and opportunities that made this state a beacon for economic prosperity,” he said.
“Local government spending is growing unchecked, turning homeownership into a never-ending tax obligation and eroding the affordability that once defined the Sunshine State. True reform means more than short-term relief; it requires structural change. Without constitutional protections and enforceable limits that restrain government growth and protect taxpayers, any relief will be short-lived. Real reform means restoring fiscal discipline and protecting homeowners, not feeding ever-expanding government.”
The study comes as the state continues its own Department of Government Efficiency (DOGE) efforts styled after the Elon Musk-created federal initiative that sought to root out waste, fraud and abuse in government spending.
Already, that process has led to several recommendations for local governments across the state[2], including in the Tampa Bay area[3] and North, South and Central Florida.
References
- ^ Property Tax Relief in Florida: Challenges, Options, and the Path to True Homeownership (jamesmadison.org)
- ^ local governments across the state (www.tallahassee.com)
- ^ Tampa Bay area (floridapolitics.com)