Florida voters will decide Tuesday, Nov. 3, whether to expand the homestead tax exemption, a change that would lower tax bills for qualifying homeowners and shrink a key source of local government funding.
The measure needs at least 60% voter approval and would take effect Jan. 1, 2027, if passed. The exemption would cover up to $150,000 of assessed value in 2027, rising to $250,000 in 2028. Annual adjustments for positive inflation growth would begin in 2029. The exemption removes value from the amount subject to certain taxes; it is not a cash payment to homeowners. School-district property taxes would remain.
Residents who had established permanent Florida residence by Dec. 31, 2026, and meet the homestead requirements would qualify for the larger exemption. People establishing permanent residence on or after Jan. 1, 2027, would begin with a $50,000 exemption, adjusted for positive inflation growth starting in 2028. They would receive that amount for four years, then qualify for the larger adjusted exemption in their fifth year. A home's assessed value and local tax rates would affect the size of any bill reduction.
The amendment would also lower the annual assessment-growth cap for non-homestead residential and non-residential property from 10% to 5% for non-school taxes. Florida's existing Save Our Homes rule limits annual growth in homestead assessments to 3% or the change in the Consumer Price Index, whichever is lower. Miami-Dade County describes the rule, which the Tax Foundation traces to 1995.
The Florida Revenue Estimating Conference projects local non-school property-tax revenue reductions of $4,929.5 million in FY 2027-28 and $8,714.5 million in FY 2028-29, followed by a recurring annual impact of $11,834.7 million. These estimates concern local government revenue, not individual household savings. Property taxes made up 75.8% of Florida local tax collections in FY 2024, according to the Tax Foundation.
Gov. Ron DeSantis supports the measure and has argued local governments could also curb spending, saying, “Local governments can surely do the same.” The Tax Foundation says governments might instead reduce services, seek other revenue or shift costs to businesses, landlords and renters. It cautions that the measure's full fiscal effect is uncertain and could exceed current estimates; the amendment does not require any of those responses.
The ballot also lists potential uses for county and municipal property-tax revenue, including public safety, education, infrastructure and government operations. It allows other uses when local officials approve them and state law permits. Voters are scheduled to decide the measure Tuesday, Nov. 3.
