If you’ve watched the news lately, you’ve probably heard talk about Florida potentially making the biggest changes to property taxes in decades.
I’ve had clients ask me everything from…
“Will I stop paying property taxes?”
“Will this lower my monthly mortgage payment?”
“Should I wait to buy a home until after the election?”
The truth is, there’s a lot of misinformation circulating. Here’s what we know today.
First Things First…
Nothing has changed yet.
The proposal has passed through the Florida Legislature, but it still must be approved by Florida voters this November before any changes take effect. A constitutional amendment requires at least 60% voter approval. (Florida House of Representatives)
What Is Being Proposed?
The proposal includes several major changes, including:
- Increasing Florida’s homestead exemption for owner-occupied homes over a multi-year phase-in.
- Lowering the annual assessment growth cap for many non-homestead properties.
- Creating a framework that could eventually reduce or eliminate certain non-school property taxes on homesteaded properties, although additional legislative action would still be required for future changes. (Florida House of Representatives)
Who Could Benefit Most?
If approved, the proposal would primarily benefit:
- Florida homeowners who have Homestead Exemption
- Long-term Florida residents
- Some owners of rental and investment property through reduced assessment growth caps
The exact savings would depend on:
- Your home’s assessed value
- Where you live
- Your local tax rates
- Whether your property qualifies for Homestead Exemption
Every homeowner’s situation is different.
What Doesn’t Change?
One of the biggest misconceptions is that property taxes would simply disappear.
Not exactly.
School taxes would continue to be collected, and many details would still depend on future legislative action and local implementation. Local governments have also raised questions about how reduced property tax revenue could affect funding for services like public safety, parks, roads, and infrastructure.
Should Buyers Wait?
This is probably the question I receive most often.
For most buyers, the answer is no.
Trying to time legislation is just as difficult as trying to time interest rates.
If you’re financially ready to purchase, waiting several months based solely on a proposed constitutional amendment may mean missing out on the right home or today’s market opportunities.
A home purchase should always be based on your personal finances, lifestyle needs, and long-term goals, not headlines.
My Advice
Whether you ultimately vote “yes” or “no,” make sure you’re voting based on facts instead of social media posts.
Property taxes affect home values, affordability, local services, and every homeowner’s monthly budget. It’s worth taking the time to understand exactly what’s on the ballot.
As REALTORS®, one of our most important jobs isn’t telling people what to think. It’s helping people make informed decisions.
If you’d like help understanding how this proposal could affect your specific property, homestead exemption, or future home purchase, I’m always happy to sit down and walk through the numbers with you.
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