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Florida mortgage group backs property tax and condo rule delays
The proposal would phase in higher homestead exemptions tied to a five-year residency rule, while FAMP also urges the FHFA to delay condo changes that raise reserves to 15% in 2027.
Florida’s mortgage trade group FAMP is backing a November property tax amendment aimed at improving affordability, including a phase-in of higher homestead exemptions with a five-year residency requirement for new arrivals, HousingWire reports. FAMP also is lobbying the FHFA to delay changes to condo oversight that would end limited review and raise required reserves to 15% starting Jan. 1, 2027.
In an interview with HousingWire, FAMP President Orlando Diaz, a 30-year Florida mortgage veteran, said higher mortgage rates, rising taxes, and HOA costs are pressuring both buyers and some condo owners, particularly retirees on fixed incomes. Diaz argued that while interest rates and home prices cannot be legislated, states can influence taxes and insurance.
FAMP said migration has continued to drive demand and pricing pressures across Florida beyond major metros like Miami, Tampa, and Orlando, reaching communities such as Cape Coral, Port St. Lucie, and Brandon. Census data cited by HousingWire shows more than 870,000 people moved to Florida in 2024, including about 50,000 from New York.
HousingWire data cited in the story shows Florida’s median list price is down about 2% year over year to $482,000, though some ZIP codes in Port St. Lucie show median prices between $505,000 and $519,000. On insurance, the article notes property insurance costs have improved as more carriers returned and recent hurricane seasons have been less damaging, but property taxes remain a concern for residents.