Florida voters expand the homestead property tax break

Florida homeowners who established residency before December 2026 are set to receive a much larger homestead tax exemption. The protected amount becomes $150,000 in 2027; today it is $50,000. Another increase, to $250,000, follows in 2028. Gov. Ron DeSantis estimated that the final level could remove property taxes for 60% of homeowners statewide.

New Florida residents face different treatment. They must live in the state for five years before qualifying. Amendment 3 also tightens the yearly limit on assessment growth for properties without a homestead designation. That ceiling will be 5%, compared with the existing 10% cap.

The measure passed with 62% support after 98% of ballots had been counted, according to the Associated Press. Passage required 60%. Supporters framed the change as relief from the ongoing expense of owning a home. Critics warned that reduced collections could strain local budgets and schools, especially in smaller counties. A Florida Housing Coalition analysis also estimated that rental properties could absorb $1.61 billion in shifted taxes during 2028, rising to $2.19 billion by 2031.