What Florida's Proposed Property Tax Changes Mean for You.

1. What does this proposed amendment do for Florida homeowners?

If you own your primary residence here in Florida, this is a big change. It would expand your homestead property tax exemption for non-school taxes from $25,000 up to $150,000 in 2027 and then up to $250,000 in 2028. Starting in 2029, those expanded exemption amounts would automatically grow with inflation.

2. How does this impact second homes and investment properties?

The amendment lowers the annual assessment cap increase for non-homestead properties (like rentals and vacation homes) from 10% down to 5%, beginning January 1, 2027.

3. Are there different rules for buyers moving from out-of-state?

Yes, and this is important if you know anyone looking to relocate to our area. Anyone establishing Florida residency after December 31, 2026, will only get the standard current exemption to start. They will need to maintain their Florida homestead exemption for five full years before they can unlock the new expanded exemption amounts.

4. Will this have an effect on police, fire and city resources?

The amendment restricts our local governments to spending property tax revenue on a specific list of categories, putting public safety, infrastructure and education first. However, because this change is estimated to reduce statewide local tax revenues by $4.9 billion in the first year alone, our local governments might have to make budget cuts to non-essential services, or raise millage rates and other fees, to keep our current services running smoothly.

5. Where can I find more information before voting?

If you want to dig deeper into the details, you can read the full, official proposal on the state's Constitutional Initiatives website. I also highly recommend checking out your local county government's official website (like the Orange County Government tax resource page) so you can view the estimated impacts on our specific community.