Florida Legislature Approves Property Tax Cut Proposal

On June 2, 2026, during a special session, the Florida Legislature passed an overhaul of the state’s property tax system.  HJR 1F – the “Save our Homes from Excessive Property Taxes” amendment – passed the House 75-26 and the Senate 30-9.  The changes to the state’s property tax system require a constitution amendment which is why HJR 1F needed 60% approval from each chamber of the legislature and will need 60% approval from voters during the General Election on November 3, 2026.

The proposed amendment for property taxes includes the following:

• ‍Increase in Homestead Exemption‍

The homestead exemption would increase from $50,000 to $150,000 in 2027 and then to $250,000 in 2028 and beyond, adjusted annually for inflation. The exemption applies to the non-school portion of the property tax bill.  Property taxes for school districts are not included in the exemption.  According to the Governor’s office about 60% of homesteaded Florida residents will owe zero non-school property taxes once the $250,000 exemption is in place.

• ‍Future Eliminations of Property Taxes

The amendment requires the Florida Legislature through general law to develop a schedule for full elimination of homestead property taxes.  No specifics regarding the schedule are included in the amendment.  The schedule is up to the Florida Legislature.

• ‍Exemption for New Florida Residents

Anyone establishing Florida residency after January 1, 2027 will only get the current $50,000 exemption for their first five years. 

• ‍Benefits for Non-Homestead Property

The cap on annual assessment increases on rental, second homes, and commercial property drops from 10% to 5% per year.   This change does not apply to ad valorem taxes levied by school districts.

• ‍Limits on the Use of Ad Valorem Revenues by Counties and Municipalities

The amendment would also require counties and municipalities to prioritize remaining property tax revenues for specific governmental functions. Those functions include public safety services such as law enforcement, fire protection, and emergency medical services; transportation and infrastructure projects, including road and bridge construction and stormwater management; natural resource and flood control projects; retirement benefits for local government employees; repayment of bond obligations; and the operations of county and municipal governments.

If the amendment is approved by 60% or more of Florida voters on November 3, 2026, the amendment would take effect on January 1, 2027. The state has launched a website where residents can estimate their savings under the amendment. The public website is currently available at https://www.saveourhomesfl.com.