If you've been following Florida real estate news lately, you've probably heard about the proposed changes to the state's homestead property tax exemption.

If approved by voters, this could become one of the biggest property tax changes Florida has seen in years. Here's what homeowners should know.

What's Being Proposed?

Florida lawmakers have proposed increasing the homestead exemption for primary residences.

Under the proposal:

• The homestead exemption for non-school property taxes would increase from the current $50,000 to $150,000 beginning January 1, 2027.
• It would then increase again to $250,000 beginning January 1, 2028.
• The exemption for school property taxes would also increase, but to a lower amount than the non-school exemption.

The proposal still requires approval from Florida voters before it can take effect.

What Does This Mean for Homeowners?

If the amendment passes, many Florida homeowners could see lower property tax bills on their primary residence.

The exact savings would depend on:

• Your home's assessed value
• Your county's millage rates
• Which portion of your tax bill is for schools versus non-school taxing authorities

For homeowners with higher-valued properties, the savings could be meaningful.

Does Everyone Qualify?

No.

Like the current homestead exemption, this proposal only applies to homesteaded primary residences. Investment properties, second homes, and vacation homes would not qualify.

The proposal also includes different eligibility rules for some future Florida residents, making it important for anyone planning to establish residency to understand the timing requirements if the amendment is approved.

Should Homeowners Do Anything Right Now?

At this point, there's nothing to file or apply for beyond your current homestead exemption if you already qualify.

The proposal will first need to be approved by Florida voters before any changes take effect.

For now, it's simply something worth keeping an eye on, especially if you own a primary residence in Florida or are planning to purchase one.

Final Thoughts

Property taxes are one of the biggest ongoing costs of homeownership, so any proposed changes naturally attract a lot of attention.

I'll continue to follow this proposal as it moves forward and will provide updates if it passes or if any details change before it goes into effect.

If you have any questions or would like to discuss buying or selling luxury real estate in Pinellas County, my contact is below.

Adi Rakanovic

(727) 858-7882

[email protected]