Florida's property tax landscape could shift dramatically if voters approve a proposed constitutional amendment in November 2026. The 'Save Our Homes from Excessive Property Taxes' proposal, outlined in CS/HJR 1-F, would expand homestead exemptions and reduce annual assessment caps for many non-homestead properties. However, these changes are not yet law; they require at least 60% voter approval in the November 3, 2026 general election.
Currently, qualifying homeowners can claim a homestead exemption of up to $50,000, with differing applications to school and non-school taxes. The proposed amendment would increase the non-school exemption to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. This would reduce county, municipal, and other non-school portions of property tax bills, though school district taxes would remain unaffected. The actual savings depend on assessed value, local millage rates, and other factors.
Non-homestead properties, including rental, second homes, and commercial properties, would also see changes. The annual assessment cap would drop from 10% to 5%, limiting how quickly assessed values can rise. This could slow tax increases, but it does not guarantee lower bills, as taxes still depend on millage rates and other variables.
A critical provision involves a five-year residency rule. Those who establish permanent Florida residency by December 31, 2026, and qualify for homestead could receive the expanded exemption starting in 2027. New residents after that date would initially receive the current exemption and only become eligible for the larger exemption in their fifth year. This has prompted questions about whether to accelerate a move to Florida, but experts caution that residency involves more than just property taxes.
Establishing Florida residency requires a comprehensive assessment of where you live, family and employment ties, business activities, estate planning, and tax implications. Changing residency solely for property tax benefits is not advisable without considering the broader picture.
Meanwhile, CS/SB 4-F has already been enacted, effective June 24, 2026, and addresses local property tax rates and administration. Property owners should distinguish between what is already law and what remains proposed. If the amendment passes, it would take effect January 1, 2027.
For official details, the Florida Senate materials for CS/HJR 1-F and CS/SB 4-F, along with guidance from the Florida Department of Revenue, provide further insights.
As the November election approaches, property owners should monitor developments and consider how these potential changes might affect their investments and residency plans. The outcome will be pivotal for Florida's real estate market and tax structure.
