Outlook Projection FY 2023-24

Florida Housing Market Soared during Low Interest Rate Period... 6,000.0 5,000.0 Total Documentary Stamp Collections (FY Ending) 4,058.3 4,000.0 3,000.0 2,000.0 1,000.0 0.0 + + + + + + 4,082.8 5,369.8 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Documentary Stamp Tax collections in FY 2020-21 topped the FY 2005-06 peak reached at the height of Florida's housing boom. This milestone was particularly remarkable considering the prior year (FY 2019-20) registered only 70.8 percent of that level after steadily increasing for ten years from a low of 26.6 percent. The results for FY 2021- 22 were even more eye-popping with collections soaring to nearly $5.4 billion. The market environment leading to this result was caused by the record low interest rates arising from the Federal Reserve's actions to stem the severity of the pandemic's economic disruption. As rates rise and affordability is increasingly an issue, Documentary Stamp Tax collections are expected to decline in FY 2022-23 by -15.6% and by another -10.7% in FY 2023-24. 5

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