Hillsborough County Property Appraiser Bob Henriquez has a novel idea to ease Floridians’ wallets when it comes to affordable homeownership.

Homeowners across the state are facing a crisis regarding the price of property insurance. Lawmakers have struggled in recent months and years to fully address the problem in a state with high risk due to frequent hurricanes.

To address those hurdles, Henriquez is pairing his knowledge on property taxes with his experience in the Legislature — Henriquez served in the House from 1998 until 2006, then became Property Appraiser in 2013.

“If you own a home in Florida, chances are your property insurance bill has gone up — way up. For some families, it’s doubled. For others, insurers have vanished entirely, leaving them with no choice but to join Citizens Property Insurance, the state’s insurer of last resort,” Henriquez told Florida Politics.

His plan would leverage property tax cuts to offset property insurance increases for qualifying homeowners.

While state lawmakers would have to iron out details, Henriquez created a pitch-worthy outline. His plan would offer reduced property taxes on owner-occupied homes that experienced a 15% or more increase to their insurance premium year-over-year. It would cap eligibility at $150,000 of household income, with enhanced credits for households earning less than $80,000.

Under Henriquez’s proposal, homeowners applying would have to offer proof of residency, income and tax increase.

Lawmakers could, if interested, take that framework and make changes as needed, but the goal remains the same, Henriquez said.

“Florida now leads the nation in homeowners’ insurance costs, with the average premium exceeding $6,000 a year. This is a slow-moving financial disaster for middle-class families, retirees on fixed incomes, and even working professionals who’ve done everything right — paid their mortgage, maintained their home, and kept up with their taxes,” he said.

Henriquez is calling the plan the Home Insurance Relief Property Tax Credit. He modeled it after existing property tax relief programs to provide enough relief to potentially keep homeowners struggling with increased costs in their homes.

It’s not a bailout for insurance companies, Henriquez said, adding that it is instead “a safety net for taxpayers who are being hit from all sides,” including ever-rising property insurance premiums, rising property values, and a lack of sufficient alternatives.

Henriquez praised — to some degree — the state’s efforts to stabilize the insurance market. More insurers have been added, which could drive premiums down as the market reacts to the influx in new insurance options. But he pointed out that relief is not here yet, and how much relief is realized remains an open question.

“A well-designed tax credit would focus on owner-occupied homes, set reasonable income and property value limits, and require proof of insurance premium increases. It would be simple to apply for and could be funded through existing state revenues or surplus funds from Citizens Property Insurance,” Henriquez said.

What’s perhaps better, Henriquez says there should be something in his plan for all political persuasions. For conservatives, he said it offers tax relief, something chief budget negotiators in the House and Senate have been grappling with for weeks as the deadline to pass a balanced budget looms. And for progressives and liberals, it’s a way to protect working families and vulnerable residents from being priced out of their neighborhoods.

Broadly, Henriquez said, it’s an acknowledgement to struggling Floridians that the crushing cost of insurance is very much a part of the state’s ongoing affordability crisis.

“We can’t afford to let more Floridians be forced out of their homes because we failed to act. A targeted property tax credit won’t solve everything, but it’s a meaningful, measurable step toward stability,” he said.

Henriquez’s idea isn’t entirely new. South Carolina has a program that offers a state income tax credit to those facing particularly high insurance costs. Called the Excess Insurance Premium Tax Credit, the program provides a tax credit of up to $1,250 to property owners who pay more than 5% of their incomes on insurance coverage.

For example, a person earning $50,000 a year who pays $3,000 for insurance would qualify for a $500 tax credit, the difference between the $3,000 they pay on insurance and the $2,500 that represents 5% of their income.

Florida does not have a state income tax, making a similar property tax credit a feasible alternative.

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