Hillsborough County could lose nearly $367 million a year in property tax revenue under a constitutional amendment headed to Florida voters in November. County officials say the loss could force service cuts, layoffs and new or higher taxes, assessments and fees.
The revenue loss would arrive in stages. If at least 60% of voters approve the amendment Nov. 3, the homestead exemption for property taxes other than school taxes would rise from $50,000 to $150,000 in 2027, affecting the county’s fiscal 2028 budget. It would rise again to $250,000 in 2028.
Hillsborough estimates the first increase would reduce annual property tax revenue by $248.6 million, or 15.7%. The larger exemption would push the loss to $366.9 million in fiscal 2029, a 23.2% drop from fiscal 2026 revenue…