“They don’t do anything to stimulate our economy,” she said. “They don’t do anything to help. They make money because they know that they can charge an arm and a leg for people to rent it, short-term, long-term, whatever the case may be. They don’t have jobs here. They don’t spend their own money here. They’re literally just using Florida as an income-producing line on their budget. If we get rid of property taxes, I can’t imagine we’re getting rid of them for everyone.”
An increase in property taxes on investment properties could force investors to sell some of their properties, potentially opening up more inventory for first-time buyers. She said as it stands now, there are investors who scoop up properties in the state without even seeing them first.
“We can get some of our families that can’t even find a house to buy, who are living in apartments, out of apartment living,” Cassidy said. “Because now those investors are like, ‘Maybe it’s not worth it to own 17 investment properties in the state of Florida. Maybe I should allow the people that live there and pour into the economy to buy those starter homes or those duplexes and let their families in them, instead of using it as a portfolio builder.’
“I’ve had clients from California, Idaho, and Texas who just scoop up investment properties, and they don’t even want to look at them. It’s all about the numbers, and if the house can get adequate insurance, they just buy sight unseen all the time.”
Some potential drawbacks
While a plan that shifts the tax burden off homestead property owners is being considered, Cassidy said there are a couple of areas that would need to be addressed. One would be Community Development District (CDD) assessments, which are property taxes for funding and maintaining infrastructure in a new development.