Florida Approves Historic Property Tax Relief Measure for Homeowners

Florida lawmakers have taken a major step toward reshaping the state's property tax system. On June 2, 2026, the Florida Senate approved a proposed constitutional amendment that could deliver significant property tax relief to homeowners across the state if ultimately approved by Florida voters. This vote does not pass the bill into law, but sends it to a popular vote on November’s ballot where 60% of Floridians would have to approve the measure.

Florida’s property tax burden is 27^th in the country, according to The Tax Foundation[1]. Meaning, Floridians currently pay just less in property tax than half of the country. The reason for this is not low housing prices, but a mechanism in place since the 1960’s, the Florida homestead exemption. Florida’s homestead exemption sets the taxable value of a property at 80%-90% of the purchase price in the year the property is purchased. In subsequent years, the property’s taxable value can only increase by 3% or the rise to the Consumer Price Index. Floridians who have been in their homes long term are likely paying tax on a property that is valued at a fraction of the market price. The homestead exemption also exempts $50,000 of property value, further reducing the tax burden. For new home buyers, especially in Florida’s rapidly expanding metros, a $50,000 exemption is not enough to combat the lack of affordability.

The proposal, House Joint Resolution 1-F[2], titled “Save our Homes from Excessive Property Taxes” seeks to expand Florida's existing homestead exemption from $50,000 to $150,000 in 2027, and $250,000 in 2028. The bill also caps increases to commercial real property at 5%, reducing it from the current 10% cap on increases.

Not surprisingly, the proposal has generated significant debate. Opponents, including local government officials, have raised concerns about the potential impact on funding for essential local services. During committee discussions, lawmakers amended the proposal to protect school district funding from some of the anticipated revenue reductions. Critics nevertheless argue that counties and municipalities may face difficult budget decisions if property tax revenues decline substantially.

Because the measure would amend the Florida Constitution, legislative approval alone is not enough. The proposal must now be presented to Florida voters, who will have the final say on whether these property tax changes become law. If approved at the ballot box, the amendment could represent one of the most significant changes to Florida property taxation in decades.

For homeowners, businesses, and local governments alike, the proposal underscores a broader trend in Florida tax policy: an increasing focus on reducing property tax burdens while balancing the fiscal needs of local communities. As the amendment moves toward a statewide vote, taxpayers should closely monitor developments and consider how the proposed changes could affect their long-term tax obligations.

[1] Property Taxes by State and County, 2026 | Tax Foundation Maps

[2] HJR 1-F