Florida property owners are closely watching a proposed constitutional amendment that could reshape the state's property tax landscape. The 'Save Our Homes from Excessive Property Taxes' proposal, designated as CS/HJR 1-F, is set to appear on the November 3, 2026 ballot. If approved by at least 60% of voters, it would take effect on January 1, 2027, bringing substantial changes to homestead exemptions and assessment caps for non-homestead properties.
Under current law, qualifying homeowners can claim a homestead exemption of up to $50,000, but the proposed amendment would dramatically increase this for non-school taxes. In 2027, the exemption would cover up to $150,000 of assessed value, rising to $250,000 in 2028, with inflation adjustments thereafter. This means that for the non-school portion of property taxes—county, municipal, and other local levies—homeowners could see significant savings. However, school district taxes are excluded from the expanded exemption, so the full benefit would not apply to that portion of the bill.
The proposal also addresses non-homestead properties, including rental units, second homes, and commercial real estate. It would lower the annual assessment cap from 10% to 5% for many such properties. This cap limits how much a property's assessed value can increase each year, which can slow the growth of property taxes. While this may seem beneficial, it's important to note that a lower cap does not automatically translate to lower taxes; the final bill depends on millage rates and other factors.
A critical aspect of the proposal is the five-year residency rule. Those who establish permanent Florida residency by December 31, 2026, and qualify for homestead exemption would be eligible for the expanded exemption starting in 2027. New residents after that date would initially receive the current, more limited exemption and would only qualify for the larger exemption after five years of holding a homestead exemption. This provision has sparked debate among potential movers, but experts caution that changing residency should not be based solely on property tax considerations.
Establishing Florida residency involves more than obtaining a driver's license or filing a declaration of domicile. Factors such as where you live, family and employment ties, business activities, and estate planning all play a role. For those already considering a move, the property tax changes add another layer to the decision, but it should be part of a comprehensive legal and financial plan.
It's essential to distinguish between what has already been enacted and what is still proposed. CS/SB 4-F, which became effective June 24, 2026, includes changes to property tax administration and local rate rules. However, the major exemption and cap changes are contingent on voter approval of CS/HJR 1-F. Until the November election, property owners should monitor the progress of the amendment and prepare for potential changes in 2027.
For more detailed information, the Florida Senate has published materials on both CS/HJR 1-F and CS/SB 4-F, along with guidance from the Florida Department of Revenue. These resources offer official details and updates.
