ORLANDO, Fla. – There’s a new proposal heading to the ballot in November that will let Florida residents determine whether to cut property taxes across the state.
The amendment — HJR 1F — provides a new homestead exemption for non-school taxes for residents in the state.
Current homestead exemption rules in the state operate as follows, with two different brackets of assessed value being tax exempt:
Assessed ValueApplication of Homestead Exemption (Current)The first $25,000Exempt from all property tax–> $50,000Fully taxable–> $75,000Exempt from non-school taxesRemaining valueTaxable, though other exemptions may apply
But under HJR 1F, the exemptions would apply solely to non-school taxes, though the exempted amount would raise dramatically:
2027 — First $150,000 of assessed value
2028 — First $250,000 of assessed value
2029 onward — First $250,000 of assessed value, indexed to inflation
However, this only applies to homeowners who are permanent residents of Florida before the proposed amendment takes effect on Jan. 1, 2027 (if it gets approved, that is). For newcomers, the timeline is a bit different.
HJR 1F instead provides new residents with a five-year homestead exemption that comes out as follows:
Assessed ValueApplication of Homestead Exemption (Proposed)The first $25,000Exempt from school taxes–> $50,000Exempt from non-school taxesRemaining valueTaxable
After this five-year period, the new residents will then be eligible for the higher exemption.
Meanwhile, the amendment also reduces the annual non-homestead property assessment growth cap from 10% to 5%, limiting how much these sorts of properties may be assessed each year.
In addition, the plan limits how local governments may spend property tax revenue:
Public safety, including law enforcement, EMS and fire services
Education and public schools
Infrastructure, including roads, bridges and stormwater controls
Natural resource projects, including flood control measures
Issue local bonds for approved uses or to make debt service payments
Meet obligations and retirement benefits of local government employees
Fund the operations and administration of county officers and commissioners
While the amendment has been approved by lawmakers, it will still need 60% approval from voters in the general election on Nov. 3.
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