Florida Property Tax Overhaul: Big Savings or Big Wait?

Florida homeowners and property investors are bracing for a potential game-changer as the state's 'Save Our Homes from Excessive Property Taxes' proposal aims to reshape property tax burdens. The initiative, which includes a proposed constitutional amendment (CS/HJR 1-F) and a recently enacted law (CS/SB 4-F), could deliver significant savings to homestead owners and slow the rising assessments on investment properties. However, the fate of the most impactful changes lies with voters in the November 3, 2026 election, requiring a 60% supermajority for approval.

If passed, the amendment would dramatically increase the homestead exemption for non-school taxes, starting at $150,000 of assessed value in 2027 and rising to $250,000 by 2028, with future inflation adjustments. This would reduce the county and municipal portions of property tax bills for primary residents, though school taxes remain unaffected. Simultaneously, the annual assessment cap for non-homestead properties—including rentals, second homes, and commercial real estate—would be halved from 10% to 5%, curbing rapid increases in taxable value. A crucial residency provision sets a December 31, 2026 deadline for new Florida residents to qualify for the full exemption immediately; those moving later would receive it incrementally over five years. This has sparked discussions among prospective movers about the timing of their relocation, though experts caution that residency decisions should factor in broader legal and financial implications.

As the election approaches, property owners must differentiate between the already-effective CS/SB 4-F and the proposed CS/HJR 1-F, which awaits voter approval. The Florida Senate materials and the Florida Department of Revenue provide official guidance, and while the potential benefits are substantial, nothing is guaranteed until ballots are cast. Stay informed and consult professionals to navigate these changes wisely.