The listings site’s own estimate found eliminating property taxes would lift home values 7% to 9%, with first-time buyers paying the difference.
Florida Realtors is bankrolling Amendment 3 and pitching the property tax cut as relief for Floridians priced out of homeownership. The Senior Economist at Realtor.com, the listings site that operates under license from the group’s national parent, says cutting property taxes pushes home prices higher and makes it harder for first-time buyers to get in.
In a new piece, Realtor.com’s Tristan Navera reports that the site has estimated Florida home values would jump 7% to 9% almost immediately if property taxes were eliminated, adding $200 billion to $250 billion to the aggregate value of the state’s housing stock.
Realtor.com Senior Economist Joel Berner, who produced the estimate, says the gain would come at the expense of first-time buyers, who would face higher prices. “It would be a boon to existing property owners,” Berner said when the analysis was released in 2025.
The estimate models full elimination, which is further than Amendment 3 goes. The amendment raises the homestead exemption on non-school property taxes from roughly $51,000 to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments starting in 2029. Gov. Ron DeSantis has said that would wipe out non-school property taxes for about 60% of homesteaded owners.
Realtor.com presented the price estimate as the catch for buyers if the amendment passes.
Read the full news article on Florida Politics