Homebuyers who fled to Miami hoping to escape high taxes are in for a rude awakening
But while the Magic City's sunshine seems everlasting and its median home price is still below New York's, the benefits to new snowbirds and other movers aren't what they used to be. The homebuying craze is driving property values up and locking new homeowners into higher tax bills, a new report by real estate data firm Attom found.
Since the mid-1990s, Florida has had a unique property tax system: under a constitutional amendment called Save Our Homes, it placed the majority of the tax burden on newcomers, or first-time homebuyers. That's great news for established Floridians aghast at the flood of newcomers, but it can come as a shock to movers who used current tax bills to estimate their costs of living, Insider's earlier reporting found. In other cases, retirees who live on fixed incomes have had to move out of the state because they simply couldn't afford higher taxes, Matt Simmons, a Fort Myers-based appraiser who has worked with several people facing this issue, told Insider in November.
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