Florida's bold property tax relief plan could save homeowners thousands

A new bill in Tallahassee could bring major property tax relief for Florida homeowners. If passed, it would raise homestead exemptions to $150,000 in 2027 and $250,000 the following year. The proposal is now set for debate in a special legislative session before potentially reaching voters as a constitutional amendment. The bill outlines a two-step increase in homestead exemptions. In 2027, the exemption would jump to $150,000, followed by a further rise to $250,000 in 2028. Lawmakers will also need to develop a long-term plan for property tax exemptions beyond 2028.

Broward Property Appraiser Marty Kiar estimates that 425,000 homesteaded property owners in Broward County could save around £1,700 each under the $150,000 exemption. However, the change would cost Broward County £158 million, with schools losing an additional £238 million. Kiar has called the potential November vote on this bill 'the most consequential' on the ballot. The current version of the bill does not include protections for school funding. Meanwhile, real estate worker Joseph Zamb has pushed for even bolder reform, advocating for the complete elimination of property taxes on homesteaded properties.

The proposed exemptions would mark a significant shift in Florida’s property tax system. If approved, the changes would take effect in 2027, with further increases the following year. The legislature must now decide whether to advance the bill during the special session.