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Property taxes for 2024 reflect a record year of inflation in Florida

Here's how property taxes this year could impact your mortgage and what you can do about it.

Projected hikes in property appraisals accurately predicted taxing consequences.

Homeowners across Central Florida have received their proposed property taxes for the year, and for many, it’s the highest increase they’ve seen yet. Some will have to pay hundreds more every month.

These taxes are assessed based on the real estate market value of homes, which is just now starting to slowly come down after an all-time high.

Dominic Calabro, president and CEO of Florida TaxWatch, a tax research institute, said the system is becoming unsustainable.

Along with impact fees, a rise in population, and the highest inflation in the nation, the financial stress might be enough to squeeze some people out of the market.

“At some point, we’re going to make Florida a place where you’re like, ‘Oh, it’s wonderful, but, the cost of food, the cost of housing, all these things, it's prohibitive and difficult for people of average means, let alone low income means," he said.

He said that while taxes serve a critical role in society, the lack of balance is getting out of control and affecting people, especially those who live on low and medium wages.

Originally, he said, it was expected for people not to spend more than 30% of their income on rent. Now, some are spending upwards of 80% on it.

"It's a real important balancing act, really, to make sure that taxes are collected and raised in a manner that still allows people to retain much of their own income."

Calabro said homeowners should take advantage of homestead exemptions, as well as becoming engaged in their local city and county politics to effect change.

A proposed bill to include an amendment in the 2024 ballot that would help lower property taxes in Florida, HJR 469, died on the house floor in May.

Lillian Hernández Caraballo is a Report for America corps member.

Copyright 2023 WMFE. To see more, visit WMFE.

Lillian Hernández Caraballo