A Florida congressman is raising concerns about potential negative effects from proposed property tax reductions being discussed in Tallahassee.
U.S. Rep. Jimmy Patronis, a Republican and former Florida Chief Financial Officer, spoke to WPTV on Friday and warned that exempting homestead properties from taxes could create a problematic shift in the tax burden.
Property tax cuts could spike rents, US Rep. Patronis warns
“This is what you’ll see if you exempt homestead: then you will have a massive shift in my opinion to assessing non-homestead (properties). Here’s the kicker: that means apartments and rents will spike. It will shift the expense, and arguably, maybe you could run some businesses off because now the new rent will be higher, and it will be too easy to just go virtual,” Patronis said.
The congressman explained that while homeowners might benefit from tax exemptions, the burden would likely shift to non-homestead properties, including apartment complexes and commercial buildings. This shift could drive up rental costs and potentially force businesses to relocate or operate virtually.
Real Estate News
Worries grow in small towns over possible property tax cuts
Despite his concerns about the implementation, Patronis, who is the state’s former CFO, acknowledged that Florida homeowners deserve relief from rising property taxes and believes lawmakers need to find a balanced solution…