In November, Florida voters will get the chance to decide if they want to cut the property tax bill for homesteaded property owners—but it would come at the expense of local government budgets. Here’s the change—the standard $50,000 homestead exemption, offered to the owner of a home they reside in, would increase to $150,000 in 2027 and $250,000 in 2028 for most non-school property taxes. As a result, the taxable value of many primary residences would drop sharply, reducing annual tax bills and, in some cases, eliminating most county and municipal property taxes altogether for those who are Florida residents on Dec. 31, 2026. Those establishing Florida residency after that would generally have to wait five years to get the larger exemption, receiving only the $50,000 exemption during that period. Second homes, rentals and other non-owner-occupied residences would continue to pay property tax on their full assessed value.
Gov. Ron DeSantis has been the driving force for property tax cuts, stressing the need for relief for homeowners amid rising costs and surging home valuations that have sent tax bills soaring in the last six years.
“The proposal will increase constitutional protection against taxes for homestead properties and will be the biggest property tax cut in Florida history,” DeSantis posted on X earlier this month. “Floridians looking for help with affordability will have a great opportunity to vote for it.”…