The MIAMI Association of REALTORS® Advocacy Team Scored Significant Legislative Victories for South Florida Landowners and Real Estate Professionals in the 2024 Tallahassee Legislative Session, including an Earlier Reduction than expected from Florida’s commercial rent tax that will save commercial tenants $1 billion annually.
The sales tax on commercial leases in Florida will drop from 4.5% to 2% on June 1, weeks earlier than originally planned. The 2.5% reduction was initially scheduled to take effect on July 1.
This is a significant and hard-fought victory as Florida employers will benefit from at least $1 billion in tax relief starting June 1, according to Florida Commerce. By cutting Florida’s business rent tax by more than half, it will ease pressure on Florida employers, making it easier for them to grow their businesses, hire new employees, and continue to thrive.
MIAMI’s seven-year advocacy effort against Florida’s commercial rent tax
MIAMI REALTORS®, in collaboration with Florida REALTORS®, began advocating with legislators for a reduction in the business rent tax or sales tax on commercial leases in Florida in 2017, as the rate was 6%. Florida is the only state to impose a sales tax on commercial rents.
The MIAMI Advocacy Team continues to advocate for a complete repeal of the business rent tax. BRT is a burden on local businesses, which can put the state at a disadvantage.
More transparency, new secure HOA database for condo owners
After MIAMI REALTORS® advocated for more transparency and accountability for South Florida residents, Miami-Dade County commissioners passed an ordinance in March 2022 requiring condominium, cooperative and homeowners associations to file financial and administrative documents in an online public library, just like MIAMI Realtor®. and Hallandale Beach Commissioner Anabelle Lima-Taub did it for her residents.
This legislative victory brings more transparency in official condominium records and increased access to HOA documents for Miami property owners. The online public library is online here.
In the 2024 legislative session, two bills were passed that significantly increase the transparency and availability of homeowners’ association (HOA) documents. HB 1203 requires that by January 1, 2025, homeowners’ associations with 100 or more parcels must maintain official records on their website or an application. Additionally, HB 59 requires homeowners associations to provide a physical or digital copy of their rules and covenants to all members and new members. Effective July 1, 2024.
Major legislative victories for affordable housing in Florida
One of the biggest wins for MIAMI REALTORS® and Florida REALTORS® in 2024 was $100 million in funding for the Hometown Heroes housing program to help Florida families purchase their first home in the community where they work . Just two months later, these funds were fully committed, helping more than 6,400 families purchase homes.
The Hometown Heroes program is available to all full-time workers in Florida who earn less than 150% of their county’s Area Median Income (AMI). The maximum down payment assistance available to each home buyer is $35,000, or up to 5% of their first mortgage amount.
For more information about the Hometown Heroes program or to connect with a loan officer in your area, please visit This site.
Additionally, $408 million was approved for state and local programs to increase affordable housing options for Floridians.
More funding for South Florida resiliency projects
In April 2024, Governor Ron DeSantis approved $200 million to continue a popular Housing Strengthening Grant program that could help about 20,000 mostly low- and moderate-income residents reduce their insurance costs. dwelling.
The My Safe Florida Home program, which provides up to $10,000 to help Floridians harden their homes, aims to strengthen buildings against hurricanes and help reduce homeowners’ insurance premiums. Access the program here.
The Legislature also approved $1.2 billion for water quality and restoration projects. This includes approximately $850 million for Everglades restoration projects, including $614 million to support the Comprehensive Everglades Restoration Plan and the Everglades Agricultural Area Reservoir.
Property Insurance Cost Reductions for All Floridians
Florida imposes a 1.75% tax on most Florida insurance premiums. HB 7073 requires insurers to provide property owners with a deduction from their residential property insurance premiums in the amount of 1.75% of the policyholder’s total premium. This applies to policies with coverage for a period of 12 months and in force after October 1, 2024 and before September 30, 2025. Effective July 1, 2024.
Additionally, disclosure of seller feeds to inform buyers and prevent post-closing disputes was approved.
Elimination of squatters on private properties, fight against illegal real estate activities
HB 621 addresses issues related to unauthorized squatters occupying private property. The bill seeks to quickly return possession of such property to the rightful owner by allowing the owner or the owner’s agent to seek the immediate eviction of persons illegally occupying residential property. Effective July 1, 2024.
The FY 2024-25 budget (HB 5001) allocates up to $500,000 to combat unauthorized real estate activities. Effective: July 1, 2024.
MIAMI will always promote and protect the interests of South Florida landowners
Now, the MIAMI Advocacy Team will travel to Washington, D.C., on May 7 to conduct hilltop visits with lawmakers in conjunction with leadership from the National Association of REALTORS® (NAR).
MIAMI REALTORS® Head of Strategic Initiatives and Miami-Dade Senator Ana Maria Rodriguez, Chief Legal Counsel Evian White De Leon, Political Affairs Director Samantha Garcia, and MIAMI REALTORS® 2024 PAC Chair Ines Hegedus-Garcia lead the advocacy team. Working with MIAMI REALTORS’ 110 executives across six boards, MIAMI advocates for the real estate industry through numerous channels, including its annual visit to Tallahassee to speak with legislators during Great American Realtor Days.
Since 1969, the Realtors Political Action Committee (RPAC) has promoted the election of pro-REALTOR candidates across the United States. The goal of the RPAC/PAF (Political Advocacy Fund) is clear: Realtors raise and spend money to elect candidates who understand and support their interests. The money needed to do this comes from voluntary contributions made by real estate agents.
To join the MIAMI REALTORS® PAC, visit our website.
Ana Maria Rodriguez is responsible for strategic initiatives for MIAMI REALTORS®.
