Florida voters approved a constitutional amendment that increases the homestead exemption for most local property taxes and tightens a cap on assessments for other properties. The Florida Department of Revenue says the changes begin Jan. 1, 2027.
What changes for property owners
The amendment exempts up to $150,000 of assessed value on qualifying homesteads in 2027 for non-school levies covered by the measure. That amount rises to $250,000 in 2028 and is adjusted for inflation after that. School district taxes are outside the new exemption. An exemption reduces the value subject to tax, so the dollar savings depend on the property and the local rates.
For non-homestead residential and commercial properties, the Florida Senate’s summary says the annual cap on assessment growth falls from 10% to 5%. The cap applies to assessed value. The tax bill also depends on the rates local governments set.
Why local budgets are in focus
The Florida House’s legislative analysis estimated a $4.95 billion reduction in local non-school property tax revenue in fiscal 2027–28. That estimate covers the state as a whole. Individual counties and cities face different effects because their tax bases and budgets vary.
WUSF reported that voters approved the measure on Nov. 3. The state’s results page provides a county-by-county breakdown. The next local budget cycles will show how cities and counties respond as the larger exemptions phase in.