HILLSBOROUGH COUNTY, Fla. – A massive overhaul of Florida’s property tax system could strip hundreds of millions of dollars from local budgets while completely wiping out property tax bills for a majority of local homeowners, according to a fresh analysis by the Hillsborough County Property Appraiser’s Office.
The preliminary study, which crunched the numbers using the newly certified 2025 tax roll, digs into a multi-phased state proposal that aims to drastically spike the standard homestead exemption.
If the state pushes forward with the first phase in 2027, the homestead exemption would jump to $150,000. For Hillsborough County, that single shift translates to a total estimated revenue drop of $528,536,000. The public school system would take the hardest hit, losing an estimated $189.57 million between local and state school funds…