During the December 10th city commission meeting, staff addressed the potential impact of property tax legislation. Beginning in fiscal year 2027, several proposed Florida House bills are expected to significantly reduce the city’s property tax revenue over the next decade. Staff noted that assuming a 3% annual growth in taxable property value, the combined effect of these bills is projected to result in an overall reduction of approximately $266.5 million by fiscal year 2036.
The Proposed Bills
House Bill 201 has the most significant impact on the City by eliminating all non-school property taxes for homeowners with homestead exemptions starting January 1, 2027. This measure is expected to reduce ad valorem revenue by approximately $266 million over ten years, with a decrease of $23.2 million in FY27 and ultimately $30 million by FY36…