The proposal would raise the homestead exemption from $50,000 to $150,000 in the first year and $250,000 in the following year. If approved in November, the first year of the new exemption would be in 2027.<\/p>\n
\u201cProperty tax revenue collected by local governments has nearly doubled in the past seven years and is expected to reach an astounding $83 billion by 2032,\u201d DeSantis said in a press release<\/a>. \u201cFlorida homeowners need relief. Now is the time to stand up for taxpayers, enact a historic reform and save the home of every Floridian.\u201d<\/p>\n County staff estimate that, with the homestead exemption raised to $150,000, it would result in an $81 million reduction in revenue for the county in the first year. The following year, when the exemption would be raised to $250,000, the county expects to lose $149 million.<\/p>\n Of the county\u2019s estimated $1.4 billion revenue for FY27, about $493 million is expected to come from property taxes. The property tax revenue funds departments<\/a> like the sheriff\u2019s office, tax collector, clerk of court, supervisor of elections and animal welfare with property tax revenue.<\/p>\n The homestead exemption changes are still pending approval by the legislature to be placed on the ballot, which then would need to be approved by 60% of Florida voters in November.<\/p>\n The property tax savings for Manatee County homeowners could mean reductions in services and government jobs as officials brace for reduced revenue. Commissioners said they can\u2019t ignore that possibility while planning for upcoming budgets.<\/p>\n \u201cI think it\u2019s relevant for people to understand the mindset we have going into this week\u2026we have to assume that this is going to pass in November,\u201d Commissioner George Kruse said. \u201cI like to think it\u2019s not. I think more than 40% of people understand the negative ramifications of it, but we have to assume it does.<\/p>\n \u201cThe last thing people want us to do is take all their money this year and burn it in design work and planning work\u2026and then it does pass,\u201d Kruse continued. \u201cNow we just burned a lot more money for no reason, because now we have to pull back on those after November.\u201d<\/p>\n