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Well, taxpayers made their position clear on election night. Florida voters overwhelmingly approved sweeping property tax relief measures . Gov. Ron DeSantis says it helped prevent a "blue wave" in the state. We have built a lot of trust with our constituents over the years, so when we ask them to come, they come.
I also put a property tax initiative to the vote, which was approved by an overwhelming majority. This also attracted voters. So we managed to minimize the negative consequences. We weren't immune to it, but we won every race in the state: for the U.S. Senate, for governor, all of our cabinet races .
And in California, well, they restore my faith in humanity. Voters are poised to deal a serious blow to the far-left agenda by rejecting a proposed tax on billionaires. So, we have a mix of taxes here that we thought would be pushed through, but didn't necessarily get support. But real estate interests me the most, Cheryl, because when we look at Florida—you mentioned this while we were on the air— real estate values have almost doubled in recent years, you know, in the last 5 to 7 years, which means that tax revenues have increased significantly.
So, is this relief really practical and fiscally appropriate ? Will you still be able to provide essential services with reduced income? Well, that's the problem: A lot of these cities, especially in Florida, are saying that if you're going to cut that much revenue, that non-property tax revenue , then we're going to take a huge hit, right?
But Florida property taxes , I just realized, doubled from 2019 to 2025. Yes. What are the biggest components of your mortgage right now? Property taxes and insurance. This is what hits all these people. So I think it was one of the serious steps, but it could actually backfire, we'll see. The other point, however, is that North Carolina acted wisely.
They actually capped their property taxes. Yes. So I think it was a good move by the voters there. I've already talked enough about 40 , I won't go into details, but I think the situation in Florida is quite interesting . 5 billion per year in 2027—that's how much it will cost because of what was just passed.
Kenny, Cheryl was talking about North Carolina. They effectively capped the rate at which property taxes could increase . And, in my opinion, it makes economic sense because many of these property taxes are increasing faster than inflation. So, isn't this just prudent financial management? This is very prudent financial management .
And I...and I applaud them. Listen, over there in Florida...over there in Florida my tax rate is also capped, partly because we have a homestead there. And rightly so, that's why my tariff is also limited. This is a 3% cap on my...on my, uh, property taxes. But now it will be interesting to see what happens after that.
What will happen to my property taxes? But yes, I think it's definitely prudent management because rates...and insurance rates are going up much faster than the rate of inflation, or much faster than they should be. Yes. The same. Look, have you even looked at healthcare costs? Because now is the time.
Our healthcare costs are increasing by 12–15%, or so we are told. Guess where they're going with Medicare for All. This is madness. Griff, what about the billionaire tax , huh? So...was I right to say that there's a glimmer of hope here, that even the most liberal people don't want to tax billionaires?
The fact that Gavin Newsom was against it means that, okay, there will be signs if it doesn't pass. But let me just say quickly about Florida, it's, you know, that ballot initiative, right? This was Amendment Three, 62% voted "yes", and it impacted Floridians by expanding benefits for homeowners. Apparently, this is a big reason...
We'll see based on the exit poll results. A big reason why Florida didn't have what happened across the country and Republicans held the ground for Donalds and Moody is because just like back in the day, remember when marijuana was a big referendum initiative? This attracted more people to the Florida midterm elections.
They had a lot at stake, a lot of interest, and that probably played a role. Don't forget to like and subscribe to Fox Business for the latest news on YouTube. And you can watch full episodes of the show right now on Fox.
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