Florida property owners are facing significant potential changes to their property tax bills, but the most impactful measures are still pending voter approval. A proposed constitutional amendment, known as "Save Our Homes from Excessive Property Taxes," could substantially increase homestead exemptions and lower assessment caps for many non-homestead properties. However, these changes will not take effect unless approved by at least 60% of voters in the November 3, 2026, general election.
Currently, qualifying Florida homeowners can receive a homestead exemption of up to $50,000, applied differently to school and non-school taxes. The proposed amendment, CS/HJR 1-F, would expand the non-school exemption to up to $150,000 of assessed value starting in 2027, rising to $250,000 in 2028, with inflation adjustments thereafter. This means the county, municipal, and other non-school portions of a homeowner's property tax bill could be significantly reduced, though school district taxes are not included in the expanded exemption.
The proposal also addresses non-homestead properties, such as rental units, second homes, and commercial buildings. For these properties, the annual assessment cap would be lowered from 10% to 5%. This could limit how quickly assessed values increase, potentially slowing property tax growth. However, a lower cap does not guarantee lower taxes, as local millage rates and other factors still play a role.
One of the most critical provisions is the five-year residency rule. Under the proposal, individuals who establish permanent Florida residency by December 31, 2026, and otherwise qualify for homestead exemption could receive the expanded exemption starting in 2027. Those who become residents after that date would initially receive only the current exemption and would need to wait until their fifth year of homestead exemption to become eligible for the larger amount. This has prompted many to consider whether moving to Florida before the end of 2026 is a wise decision.
Experts caution that residency decisions should not be based solely on property taxes. Establishing Florida residency involves more than just obtaining a driver's license or filing a declaration of domicile; factors like where you live, family and employment connections, business activities, and estate planning are all relevant. For those already considering a move, the proposed tax changes may be another factor to evaluate, but it should be part of a broader financial and legal plan.
It is important to distinguish between what has already become law and what is still proposed. CS/SB 4-F, which took effect June 24, 2026, changes certain rules for local property tax rates and administration. The larger homestead exemption and lower assessment caps, however, are part of CS/HJR 1-F and will only become effective January 1, 2027, if voters approve the amendment.
Property owners should monitor the November 2026 election closely. Until then, they should consider potential impacts on buying, selling, or holding property, but should not assume the changes will take effect. For official information, the Florida Senate has published materials on CS/HJR 1-F and CS/SB 4-F, along with property tax guidance from the Florida Department of Revenue.
In summary, while the proposed changes offer potential savings for many property owners, they are not yet in effect. Voter approval is required, and individual circumstances will determine the actual impact. Property owners are advised to stay informed and consult with professionals to understand how these proposals could affect their specific situations.
