Florida Property Taxes May Disappear — And Mortgage Rates Just Hit a 3-Year Low
If you’re a Florida homeowner or thinking about buying, this week delivered two major pieces of news that could significantly impact your financial future.
MORTGAGE RATES REACH LOWEST POINT SINCE 2022
According to Freddie Mac’s Primary Mortgage Market Survey released February 19, 2026, the average rate on a 30-year fixed mortgage has dropped to 6.01% — the lowest level since September 2022. The 15-year fixed rate also fell, averaging 5.35%.
To put that in perspective: just one year ago, the 30-year rate averaged 6.85%. That’s nearly a full percentage point of improvement, which translates directly into real savings on your monthly payment and total interest paid over the life of your loan.
What this means for you: If you purchased a home in 2023 or 2024 at a higher rate, now is a great time to evaluate whether refinancing makes sense. Refinance application activity has already more than doubled over the past year, with many homeowners reducing their annual mortgage payments by thousands of dollars.
If you’re a buyer who has been sitting on the sideline waiting for rates to improve — the window is opening. With rates at a multi-year low and a spring buying season gaining momentum, getting pre-approved now puts you in a strong position.
FLORIDA HOUSE VOTES TO ELIMINATE HOMESTEAD PROPERTY TAXES
In a historic vote on February 19, 2026, the Florida House of Representatives passed a proposed constitutional amendment — HJR 203 — on an 80-30 party-line vote that would eliminate all non-school property taxes on homesteaded properties, effective January 1, 2027.
House Speaker Daniel Perez called it “the most aggressive legislation ever passed by a legislative chamber on property taxes in the history of the United States.”
Here’s what you need to know:
What it covers: The proposal would eliminate all property taxes on your primary residence (homesteaded property) EXCEPT for the portion that funds public schools. This could save Florida homeowners thousands of dollars per year.
What happens next: The proposal still needs to pass the Florida Senate with a three-fifths majority. The Senate has yet to advance its own version, and Senate leaders have signaled their approach may differ. Governor DeSantis has also weighed in, indicating he’s working with the Senate on a separate approach. If both chambers agree and it reaches the ballot, Florida voters would need to approve it with at least 60% support in the November 2026 election.
The bigger picture: Florida already has no state income tax. If property taxes on primary residences are eliminated as well, it would make Florida one of the most tax-advantaged states in the nation for homeowners — a development that could accelerate in-migration, drive up demand for homes, and strengthen property values.
THE BOTTOM LINE FOR FLORIDA HOMEOWNERS AND BUYERS
Right now, two powerful forces are converging that could reshape homeownership in Florida:
Rates are at their lowest in over three years, increasing your buying power and making refinancing attractive. And the state is actively moving toward potentially eliminating one of the largest recurring costs of homeownership — property taxes.
Whether you’re looking to buy, refinance, or just want to understand how these changes affect your financial position, our team at Morgan Financial is here to help you navigate it all.
Call us today or visit our website to get started. The market is moving — and so should you.
About Morgan Financial: We are a Florida-based mortgage company committed to helping our clients find the best loan solutions for their unique needs. From first-time homebuyers to seasoned investors, we provide expert guidance every step of the way.
