Members of the Florida legislature returned to Tallahassee this week to consider Governor Ron DeSantis\u2019s property tax reform proposal. Any proposal will have to win 60%+ support of the legislature AND 60%+ of the voters in November.<\/p>\n
Gov. DeSantis\u2019s proposal would increase the homestead exemption to $150k in 2027 and $250k in 2028. Total elimination of homestead property taxes, as the Governor is calling for, would depend on future legislatures. The proposal intends to insulate commercial properties from a tax shift by lowering the cap on non-homestead property assessments to no more than 5% per year.<\/p>\n
County governments are opposing the proposal, arguing that the amendment would cut county tax revenues by up to 35% in some counties. The tax cut is expected to have a greater impact on rural counties. Gov. DeSantis is calling for a trust fund to ensure small rural counties have sufficient operating revenue, but that would come in future legislation if the overall tax cut amendment passes in the fall.<\/p>\n
The Governor counters that county government tax receipts have exploded and, since 2018, have far outstripped population growth. In Hillsborough County, the Governor attests, property tax receipts have grown from $850 million in 2018 to $1.6 billion today. During the same period, Hillsborough County\u2019s population increased by just 8%.<\/p>\n
Gov. DeSantis has provided this website where you can easily calculate your property\u2019s tax cut under his plan: www.saveourhomesfl.com<\/a>.<\/p>\n NFIB has called for protections against commercial property tax shifts, such as the property tax assessment cap of 5% as included in the proposal. NFIB has NOT taken a position on the overall proposal, but we will be balloting our membership on the amendment if it is passed by the legislature.<\/p>\n