State run home insurer of last resort has $6 Billion of reserves against $400 Billion of covered properties. They’ll be looking to state taxpayers to cover any shortages – the very people who moved to Florida because they don’t like taxes.
Also, Florida is overly reliant on property taxes for revenue. If the housing market crashes and home values fall, so does tax revenue.
What would a Florida bailout look like? Every man for himself, and leave the women and children behind?
intercst
Couldn’t happen to nice people.
Make your money and run to Florida. Leave your grandchildren’s schooling to be paid for by someone else.
Like, maybe the parents?
DB2
Yeah them.
Seriously retirees are free of course to leave.
Paying taxes is bad right?
Shirking responsibilities is bad?
Florida it turns out is bad. Hahahaha
Which leads to a question. If your daughter got married, moved to Albuquerque or Chicago and had a child would you move to Chicago to pay taxes there or just send a sizable donation every year to the Chicago Public Schools?
DB2
The Focus on Florida’s Future Budget totals $116.5 billion—less than the previous fiscal year—which reflects a reduction in overall state spending. This year’s budget features significant investments for Florida’s top needs, and thanks to the Governor’s line-item actions, this budget will also result in $17 billion remaining for budgetary reserves.
Do not worry about Florida we will be fine. Now if the rest of the country could control their spending we would be in great shape.
Not exactly. Florida has a similar property tax structure that California has. It severely limits the property tax increase as the property value goes up (for homesteaded properties, which includes almost all regular homeowners). So if some years ago, someone bought a property that was assessed at $250,000, they will pay about $4,000 in property tax that year. And then in future years, the tax can only go up by a maximum of 3%. Meanwhile, the property value typically has gone up faster than that. It’s quite possible that now that property is worth $550,000, and they are only paying about $5,000 in property tax. If the value of the property suddenly drops by 25% to $412,000, the property tax will not drop at all, because it is still quite a bit below what a typical $550,000 house would pay (about $10,000), and still quite a but below what a typical $412,000 house would pay (about $7,000).
Every time Michigan has a surplus, the Shinies in the legislature want to use it to give another tax cut to the “JCs”.
Steve
Bob,
It is not the move it is the attitude. Grandparents almost brag about dumping the school systems. Lovely.
How does one “dump the school system”? No matter where you live in the U.S. there’s going to be a school system taxing the locals.
Yep but with less money how would you rank Florida schools?
It is number 50 depending on where you sit.
But there is this bold lying all over the internet…
Why is Florida #1 in education?
In addition to Florida’s overall rank as #1 for Education Freedom, Florida also earned high rankings in the following categories: #1 for Academic Transparency due to Florida’s expansive legislation allowing parents to access classroom materials and Florida’s Parental Bill of Rights.
While it is true that all areas have school systems, they vary wildly both in terms of quality and cost. A parent or prospective parent of school age children may prioritize a quality school district. On the flip side, those who are childless, whose children are beyond school age, or who plan to send their kids to private school may very well prioritize lower taxes.
Downsizing in retirement is a common approach to saving money. If you’re moving anyway to downsize, then there’s really not all that much additional burden to pick a location with a relatively lower tax burden, especially if you no longer have the need to use the school district…
Regards,
-Chuck
Hey there is no harm is saving money. Quite the opposite.
Leave the family behind and run. LOL
I have heard grandparents discuss the whys and whatfors.
Just remember the grandchildren occasionally. LOL
Meanwhile I will pay their school costs here in CT. Ignore my judgements of you, generic you.
When you find out Florida is hell most of the year round don’t mind me laughing about it.
Oh and as your costs rise in Florida, I am going to sit back and laugh harder. You are brilliant with money. You saved on your taxes.
For the large majority of people I know, it is the kids who “leave the family behind and run”. You know, one living in Denver and one living in Nashville.
DB2
Those two factors are more recently popular ideological metrics, than academic achievement.
Surprisingly, Florida schools have ranked rather well, for years, on academic performance. The widely quoted 2024 Wallethub. rankings show Florida 11th nationally, with Texas ranked 29th. Michigan, which seems to have gone farther down the “defund and give the money to the “JCs”” hole, is ranked 36th, ranking between Georgia and Kansas.
Michigan ranked 35th in state expenditure per student.
Florida teach told me the graduation rate is high explaining Florida’s rating.
If school is easy people graduate
Florida teach told me the graduation rate is high explaining Florida’s rating.
If school is easy people graduate
US News ranks Florida’s k-12 schools #9, overall, Breaking that down, #5 in college readiness. #19 in HS graduation rate, #32 in NAEP math scores, #21 in NAEP reading scores.
Texas #28 overall. #34 in college readiness, #8 in high school graduation rate, #25 in NAEP math scores, #41 in NAEP reading scores.
For some reason, the page’s listing thing will not go far down the list enough to reach Michigan, but another page on the same site puts Michigan’s k-12 schools at #36.
https://www.usnews.com/news/best-states/rankings/education
Why does Florida rank as highly as it does? Maybe that state’s drive for ideological purity has not shown up in the numbers, yet. Michigan’s numbers are no surprise. The Shinies gerrymandered themselves into dominating the legislature for 40 years, and their program was defunding whatever benefits the general population, and giving the money to the “JCs”.
As it happens, I stopped at Tim Horton’s for lunch, as the Tim’s is right in front of the grocery store I shop at, and that store just put fresh apples on special at 79 cent/lb, and fresh strawberries are 99 cents/lb.
When I arrived, I noticed a huge pickup parked in the driveway, right in front of the door, rather than parked in a parking spot. As I was finishing my lunch, I saw a white haired guy walk out of the back of the Tim’s, go out the door, get in that pickup, and drive away. I asked the staff if that guy was their district manager. They said he is the owner of that Tim’s, and several others. I commented I had wondered who would park in the drive, rather than in a parking spot like a civilized person. They said “yeah, he pretty much does as he pleases”.
All hail the self-entitled “JCs”
Steve
Donut store owners are a different breed. More interesting than classrooms in Florida.