The market has continued to be pretty sluggish. While this isn’t what sellers want to hear, it’s GREAT news for buyers. We’re seeing lots of price cuts, and buyers have the upper hand in negotiations. Betting markets are leaning toward a Fed rate hike by December. If you’re in the buying process, it could be a good time to think about locking your rate before the market starts to price that in.
Let’s Talk Elections: Here’s What’s on Your November Ballot
Amendment 1: Our recommendation is a NO vote
This raises the cap on Florida’s “rainy day fund.” The fund is already full at about $5 billion, and the state has about $18 billion in total reserves. The pro is a larger cushion for recessions or hurricanes. The con is that it ties up money that could go to schools, housing or tax relief. The fund hasn’t been tapped in any significant way since 2008-09, when it covered a budget gap. Florida is in great financial shape, and this feels like overkill: money we don’t currently need and haven’t needed in nearly two decades. Gov. DeSantis, the League of Women Voters, the teachers’ union and the Miami Herald all oppose it.
Amendment 2: Our recommendation is undecided
This ends property tax on farm equipment on agricultural land. Supporters say it helps family farms resist development pressure by lowering their yearly taxes. Opponents point out that businesses already get a $25K exemption, so this mainly helps the largest operations and could have been better targeted to small farms. Long story short, it’s a tax cut, and support and opposition mostly line up along party lines: Republicans generally support it and Democrats generally oppose it. We’re not farm experts, so we’re not making a recommendation here.
Amendment 3: Our recommendation is a YES vote
This raises the homestead exemption on non-school property taxes from $50K to $150K in 2027 and $250K in 2028. It also cuts the yearly cap on assessed value increases for non-homestead property, like rentals and second homes, from 10% to 5%. That’s good for homeowners and renters alike. Capping rental properties limits the tax increases landlords pass along to tenants, which should ease pressure on future rent hikes. For homeowners, it’s a huge benefit. If you buy a $400K home, your monthly payment is around $2,968: $2,335 in principal and interest and $633 in taxes. Taxes have climbed so fast that they’re a big reason younger buyers feel locked out of the market, and we want young buyers in Florida to keep innovating and growing our state. Since 2019, property tax revenue is up 77% in Hillsborough while population is up only 10%. In Pinellas, property tax revenue is up 61% while population is up just 1%. If local governments say they’re short on money, that points to a spending problem, not a revenue problem.
| Property taxes levied, 2019 → 2025 | Population, 2019 → 2025 | |
|---|---|---|
| Hillsborough | $1.95B → $3.46B (+77%) | 1,431,152 → 1,575,637 (+10%) |
| Pinellas | $1.66B → $2.67B (+61%) | 954,914 → 966,933 (+1%) |
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Matt Marsden | The Marsden Group | Agile Group Realty | (940) 206-1931