A constitutional amendment heading to the November ballot could mean major property tax savings. Here's how it would work and who it affects.
Have you heard about the $250,000 homestead exemption proposal that's been moving through our state government here in Florida? It took a big step forward on June 2nd, and it's now headed to voters this November. We wanted to walk you through where things stand, what it would actually do, and what it could mean for you as a homeowner.
The proposal still needs a vote, but it cleared a major hurdle. This is a constitutional amendment approved by the Florida Legislature on June 2nd, which will appear on the November ballot. For it to actually take effect, it needs 60% voter approval. That's a high bar, but given the support behind it, there's a real chance it gets there.
"If it passes, Florida's homestead exemption would climb from $50,000 to $250,000 over two years."
The exemption would grow in steps. Right now, the homestead exemption on your primary residence here in Florida sits at $50,000. If this passes, in 2027 it would rise to $150,000, and then in 2028 it would step up to the full $250,000. There's also a framework to potentially increase it further over time. For a homeowner, that's a significant amount of property tax savings on the home or condo you actually live in.
School taxes are the one piece that stays. Whenever taxes get cut in one place, the money usually has to come from somewhere, and here's how this proposal handles it. The expanded exemption applies to non-school property taxes, which means the portion that funds our schools, a meaningful share of the overall bill, stays in place. That's a good thing. We want our school systems funded so our kids get a strong education, and this keeps that support intact while still delivering real relief on the rest.
Out-of-state buyers have a waiting period. Here's the one catch worth knowing. Under the proposal, anyone who becomes a Florida resident after the start of 2027 would have to wait up to five years before they can take full advantage of the increased exemption. The idea is to avoid a sudden rush of people relocating all at once to capture the benefit. The good news for anyone thinking about moving to Florida is that the savings are still there down the road once that period passes.
So what's the bottom line? We think this is a positive for real estate here in Southeast Florida and for buyers and sellers alike. Lower carrying costs for a primary home make ownership more attractive, which is good for the whole market. It all comes down to that 60% vote in November, and we'll be watching it closely.
If you'd like to talk through what this could mean for your situation, whether you're thinking about buying or selling here in Southeast Florida, reach out anytime. Call or text us at 561-220-2052, email us at info@tricoliteam.com, or visit tricoliteam.com. We'd love to discuss it with you.