Florida voters are considering abolishing residential property taxes, prompting the state’s governor to propose taxing Canadians more to offset potential revenue loss. Canadian property owners in Florida view this as another challenge amid U.S. President Donald Trump’s anti-Canada stance since returning to power.
Republican Governor Ron DeSantis is advocating for Amendment 3, a ballot initiative introduced by his Republican allies in the state legislature. If approved in the upcoming midterm election, this measure would significantly increase the property tax exemption for Florida residents known as “homesteaders.”
Under the proposed amendment, primary residences valued at $250,000 US or less, comprising about 60% of all homesteaders, would pay no property taxes, with those owning higher-valued homes paying reduced amounts. The initiative also aims to phase out property taxes for homesteaders entirely over time.
To pass, this constitutional amendment requires a 60% supermajority, with recent polls indicating strong support for its approval. State economists estimate an annual cost of approximately $12 billion US if implemented, potentially leading local governments to make budget cuts or seek alternative revenue sources.
Governor DeSantis has suggested tapping into Canadians who own an estimated $60 billion US worth of property in Florida to bridge the anticipated budget gaps. He emphasized prioritizing relief for Florida residents, particularly homesteaded homeowners, over granting tax cuts to Canadian and Brazilian tourists.
The proposed ballot measure not only reduces taxes for Floridians but also allows for a yearly up to 5% increase in the assessed value of non-homesteaded properties, such as those owned by Canadians or other non-residents, enhancing revenue for local governments without introducing new taxes.
DeSantis’ approach has drawn criticism from some Canadians, with concerns raised about potential property tax increases affecting Canadian snowbirds in Florida. Amid a changing political climate, some Canadian residents have expressed discomfort and opted to sell their Florida properties due to perceived disrespect and unfavorable tax implications.
