This proposal, the so-called “Save our Homes from Excessive Property Taxes” amendment, now heads to the November 2026 ballot, putting the future of local public finance decisions in the hands of Florida voters. If approved by at least 60 percent of voters, the proposed constitutional amendment would do the following:
- For all levies other than school district levies, it would increase the amount of a homestead property’s value that is exempt from property taxes over time, beginning with a $150,000 homestead exemption in 2027, and increasing it to $250,000 in 2028, with these amounts indexed for inflation beginning in 2029.
- It would establish Florida residency requirements needed to qualify for the increased homestead exemption for those moving to the state on or after January 1, 2027. Specifically, taxpayers who move to Florida in 2027 or later would receive a much lower homestead exemption of only $50,000 (on non-school district levies) for their first five years in the state before qualifying for the higher exemption.
- For all levies other than school district levies, it would limit increases in the assessed value of all non-homestead property to 5 percent annually beginning in 2027 (down from 10 percent currently).
- It would restrict local governments’ ability to use property taxes to finance public services that fall outside the following categories: public safety, education and schools, infrastructure, natural resources, bond issuance and debt service payments, local government employee retirement benefits, and operations and administration expenses related to certain local government employees.
While intended to relieve the growing property tax burden on Florida residents, drastically reducing—and potentially even eliminating—property taxes on the primary residences of most Florida homeowners would shift property tax burdens in highly distortionary ways and make Florida’s tax code far less stable and competitive.
