Florida lawmakers have approved a proposed constitutional amendment that could dramatically increase the state’s homestead exemption and also reduce assessment increases on non-homestead properties.
On June 2, 2026, the Florida Legislature concluded a special session and voted to place the “Save Our Homes from Excessive Property Taxes” amendment on the November 3, 2026 ballot. The measure passed the House 75-26 and the Senate 30-9, exceeding the required three-fifths supermajority in both chambers.
The amendment is not law yet. Florida voters must approve it by at least 60% in November for it to take effect. However, the proposal has already cleared the legislative hurdle and is now headed to the ballot.
For Florida homeowners, future residents, investors, and renters, here’s what you need to know.
Quick Facts
| Provision | Current Law | If Amendment Passes |
|---|---|---|
| Homestead Exemption | $50,000 | $150,000 in 2027, increasing to $250,000 in 2028 |
| School District Taxes | Subject to exemption | No change; school taxes remain unaffected |
| Non-Homestead Assessment Cap | 10% annually | Reduced to 5% annually beginning in 2027 |
| Path to Full Elimination of Homestead Property Taxes | None | Legislature directed to establish a schedule |
| New Resident Waiting Period | None | Up to 5 years for residents establishing Florida residency after January 1, 2027 |
The Residency Deadline Everyone Should Be Paying Attention To
One of the most significant details isn’t getting much attention in the headlines, but it could have a major impact on anyone considering a move to Florida.
Key Deadline: January 1, 2027
If you establish Florida residency before January 1, 2027, you would qualify for the full enhanced homestead exemption immediately if the amendment passes.
If you establish residency after January 1, 2027, you could be required to maintain Florida residency for up to five years before receiving the full benefit.
For example, someone who purchases a home and establishes Florida residency in September 2026 could qualify for the full exemption beginning January 2027 if the amendment passes. Someone making the same move in March 2027 could face a multi-year phase-in period before accessing the full benefit.
For anyone already considering a move to Florida, this deadline may become an important factor in their
Why the Second Half of 2026 Matters
For individuals considering a move to Florida, the combination of the November vote and the January 1, 2027 residency deadline creates a potentially important planning window during the second half of 2026.
What Would Change for current Florida Homeowners?
If you already own a primary residence in Florida and have an established homestead exemption, the proposed waiting period would not apply to you.
If voters approve the amendment:
- Your homestead exemption would increase to $150,000 on January 1, 2027.
- The exemption would increase again to $250,000 on January 1, 2028.
School district taxes would remain unchanged, but the increased exemption would apply to many other local taxing authorities, including county and municipal levies.
What This Means for Investors and Second-Home Owners
The proposal includes a significant change for non-homestead properties.
The current annual assessment increase cap of 10% would be reduced to 5% beginning in 2027.
This could benefit owners of:
- Investment properties
- Vacation homes
- Seasonal residences
- Commercial real estate
The lower cap would provide more predictability by limiting annual assessed value increases regardless of market appreciation.
It’s important to note that the expanded homestead exemption applies only to primary residences. Owners of second homes or seasonal properties who have not established Florida as their primary residence would not qualify for the larger homestead exemption, though they could benefit from the reduced assessment cap.
What This Means for Renters
The amendment does not provide direct tax relief for renters.
Critics argue that larger homestead exemptions could shift a greater share of local government funding responsibilities to businesses, landlords, and non-homestead property owners. Some opponents believe those costs could eventually be passed through to tenants in the form of higher rents.
Whether that occurs would depend on future decisions made by local governments and property owners.
What Happens Next?
November 3, 2026
Florida voters decide whether to approve the amendment. A 60% vote is required for passage.
January 1, 2027
If approved, the homestead exemption increases to $150,000, and the new resident waiting-period provisions take effect.
January 1, 2028
The homestead exemption increases to $250,000.
Future Legislative Sessions
The Legislature would be directed to develop a schedule for the potential full elimination of homestead property taxes, although the timing and structure of that process have not yet been determined.
My Take
As a Florida Realtor, I’m watching this proposal closely because it could affect current homeowners, future buyers, and anyone considering relocating to Florida.
While voters still have the final say in November, the proposed January 1, 2027 residency deadline is a detail that potential relocators should understand now. If the amendment passes, timing could matter.
As more information becomes available leading up to the November vote, I’ll continue sharing updates and what they may mean for Florida homeowners and buyers.
