Hillsborough County Property Appraiser Bob Henriquez is advocating for a new property tax credit aimed at alleviating the financial strain on homeowners facing rapidly increasing insurance premiums. This proposal seeks to provide tangible relief to residents struggling with the escalating costs of homeownership in Florida, a state consistently ranked among those with the highest average insurance rates.
Key Takeaways
- Hillsborough Property Appraiser Bob Henriquez has proposed the "Home Insurance Relief Property Tax Credit."
- The credit is designed for owner-occupied homes experiencing a 15% or greater year-over-year increase in property insurance premiums.
- Eligibility is capped at a household income of $150,000, with additional support for families earning less than $80,000.
- The proposal has been formally submitted to Florida’s budget committee chair for review.
The Growing Insurance Burden
Florida homeowners are grappling with a significant crisis in property insurance costs, with premiums often doubling or insurers withdrawing coverage altogether. This situation forces many into Citizens Property Insurance, the state’s insurer of last resort. Henriquez highlighted that this "spike in property insurance" is a primary driver of economic insecurity for average Floridians. According to NerdWallet, the average cost of home insurance in Florida for 2025 is $2,625, a figure that continues to climb.
The Proposed Solution: Home Insurance Relief Property Tax Credit
Henriquez’s proposed "Home Insurance Relief Property Tax Credit" aims to offer a direct financial offset. The credit would be available to owner-occupied homes that have seen their insurance premiums rise by at least 15% annually. The plan includes income limitations, with a cap of $150,000 for household income, and enhanced benefits for those earning below $80,000. This initiative is modeled after existing property tax relief programs and is intended to provide a safety net for taxpayers facing rising insurance, property values, and limited alternatives.
A Bipartisan Approach to Affordability
Henriquez, who previously served in the state legislature, believes his proposal can appeal across the political spectrum. For conservatives, it represents tax relief, a key concern for budget negotiators. For progressives, it offers protection for working families and vulnerable residents who risk being priced out of their homes. The proposal emphasizes that this is not a bailout for insurance companies but rather a measure to support homeowners struggling with the state’s affordability crisis. A similar program exists in South Carolina, offering a state income tax credit for high insurance costs, which could serve as a model for Florida, given its lack of a state income tax.
Moving Forward
The proposal has been formally submitted to Florida’s budget committee chair, initiating a review process. Henriquez hopes this "out-of-the-box" idea will encourage lawmakers to take meaningful action to stabilize the housing market and prevent more Floridians from losing their homes due to unaffordable insurance costs.
Sources
- Henriquez proposes credit to offset soaring insurance costs, Bay News 9.
- Hillsborough Property Appraiser offers lawmakers an out-of-the-box insurance savings pitch, Florida Politics.