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Property taxes have gotten so high that Florida Gov.
Ron DeSantis has mentioned abolishing property taxes entirely.
Also seeseven states with cheap housing markets and low property taxes.
But DeSantis doesnt believe thats enough.
While the idea is radical, it could create significant savings for homeowners.
Its a complicated situation with pros and cons.
If youre a Florida homeowner, you may be wondering how this could impact you.
In addition, eligible homebuyers could potentially get approved for bigger loans and purchase their ideal home.
Most homeowners with a mortgage pay for their property taxes monthly into their escrow accounts.
They would instantly see their mortgage payments significantly reduced.
That revenue would likely be recovered by increasing sales tax and taxes on tourism, he explained.
Eliminating property tax can absolutely work, he said.
Theres no denying that taxpayers need relief, but is ditching property taxes the solution?
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