Spring 2026 FCIAAO Newsletter

Real Property

STEERING COMMITTEE INSIGHTS: WE PAY NOW, OR THEY PAY LATER

Later this year, voters will be asked to consider several proposed changes to Florida’s property tax system. These proposals include expanding homestead exemptions, freezing or slowing property value assessments, and reducing or eliminating certain taxes on primary residences. For many homeowners, especially seniors and long-time residents, this sounds like much-needed relief. And for some, it will be. But there is an important reality that deserves careful consideration: these proposals do not eliminate the cost of government. They simply shift it. Before I began working in an assessor’s office, I did not fully understand how the property tax system worked. Most people don’t. Property taxes are often seen as a burden without a clear connection to the services they fund. Yet they provide the financial foundation for essential infrastructure and public services—roads, emergency response, schools, drainage systems, and community protection. If that funding is reduced while the demand for services remains, the financial burden does not disappear. It simply moves elsewhere. It moves to landlords, who may raise rents to offset higher taxes on non homesteaded properties. It moves to businesses, which often pass increased costs on to consumers. And ultimately, it moves to the broader public in ways that may be less visible, but no less real. Here in the Florida Keys, we are already facing costly and complex challenges. Rising insurance premiums have become a major financial strain for many property owners, often exceeding property tax costs. At the same time, environmental pressures are increasing.

Flooding during seasonal high tides has become more frequent, disrupting roads, neighborhoods, and daily life. Maintaining and improving infrastructure to address these realities requires significant and sustained investment. Having lived in Key West for most of my life, I have seen firsthand how vulnerable our communities can be. Hurricanes, flooding, and rising water levels are no longer distant concerns; they are part of our lived experience. Residents understandably want solutions: stronger infrastructure, improved drainage, elevated roads, and better protection for their homes and neighborhoods. These are reasonable expectations. But they come with real costs. We cannot expect solutions without acknowledging how they will be funded. Property taxes may not be popular, but they remain one of the most stable and reliable ways local governments fund essential services. Reducing them without addressing the underlying financial needs of our communities risks creating larger problems in the future. Deferred investment often leads to higher costs later—whether through emergency repairs, increased insurance burdens, or declining infrastructure. This is not simply about taxes. It is about long-term sustainability and shared responsibility. It is about whether we choose to invest in maintaining and protecting our communities today, or leave those challenges for future generations to face.

MIKE RUSSO, MPA, RES, AAS, CFE DIRECTOR OF APPRAISAL SERVICES MONROE COUNTY The decisions we make now will shape the Florida our children and grandchildren inherit. The costs of maintaining safe, functional, and resilient communities will remain regardless of how we structure our tax system. The question is not whether those costs exist. The question is, “Who will bear them?” We can face them now, responsibly and thoughtfully or we can pass them on. We pay now, or they pay later! Mike Russo is with the Monroe County Property Appraiser’s Office and currently serves as the Real Property Steering Committee Chair.

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STAYING APPRAISED

SPRING 2026