TAMPA, Fla. (WWSB) – Gov. Ron DeSantis said he will call lawmakers back to Tallahassee for a special session aimed at putting a homestead property tax proposal before voters in November.
A special session will begin Monday and focus on a proposal to make homestead property tax free, DeSantis said.
The measure would start by raising the homestead limit to $250,000 for Florida homestead property owners. Lawmakers would also be directed to create a schedule that could eventually lead to the full elimination of homestead property taxes.
“This is something that can actually get done,” DeSantis said.
The proposal would still need approval from the Legislature before going to voters. DeSantis said the measure would need 60 percent support in both chambers and 60 percent support from voters in November.
DeSantis proposes property tax relief for Florida homeowners
He said the initial $250,000 limit would eliminate property taxes for 60 percent of Florida homeowners. He also said raising the limit to $500,000 would make 92 percent of Florida homesteaded residents tax-free.
The plan is focused on homestead properties, not commercial properties or non-homestead residential properties.
Local governments collected about $32 billion in property taxes in 2019 and about $60 billion seven years later. DeSantis said much of that increase came from rising property valuations.
The proposal would limit how remaining property tax revenue from non-homestead residential and commercial properties could be used. DeSantis said that money would be restricted to schools, police, fire and other core services.
The proposal would create a state trust fund to provide grants to local governments for core services.
Under the proposal, people who establish residency after the measure passes could be required to pay taxes under the current system for up to five years before qualifying for the new homestead tax structure.
DeSantis said the plan is meant to protect existing Florida residents while limiting incentives for new migration tied to the tax change.
The proposal would also reduce the annual cap on valuation increases for small businesses from 10 percent to 5 percent, DeSantis said.
DeSantis also said Florida’s next fiscal year budget will be lower than the current year’s budget after vetoes. He said that would mark the fourth consecutive year of reduced state spending.
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