From Kiplinger · · 1m 20s
Florida Homestead Exemption Boosts Property Tax Relief
Florida voters approved a homestead exemption increase to $250,000 by 2028, reducing property tax bills for homeowners.
In brief
Florida voters approved a homestead exemption increase to $250,000 by 2028, reducing property tax bills for homeowners. Florida voters approved Amendment 3 to raise homestead property tax exemption from $50,000 to $250,000 by 2028, cutting non-school property taxes. Originally reported by Kiplinger.
Voter Approval
Florida voters approved Amendment 3 by 62% on November 3, 2024, setting the stage for a larger homestead exemption.
“According to the Associated Press (the threshold to pass was 60%)”
Exemption Increase Timeline
The homestead exemption increases from $50,000 to $150,000 in 2027, then to $250,000 in 2028, rising with inflation from 2029.
Qualification Rules
Homeowners maintaining Florida residency by December 31, 2026, qualify for the full exemption; others receive the existing $50,000 exemption adjusted for inflation.
Non-School Tax Impact
The exemption shields $250,000 of a $400,000 home's assessed value from non-school property taxes, leaving $150,000 subject to those taxes.
Local Government Concerns
Amendment 3 could cut local property tax revenue by nearly $5 billion in 2027-28, rising to $8.8 billion by 2028-29.
Renters and Exemptions
Renters do not qualify for the homestead exemption, which applies only to owner-occupied homes.
Future Changes
Counties may shorten the waiting period for the exemption if they determine there is a critical local need starting in 2030.
The headline
Florida voters approved Amendment 3 to raise homestead property tax exemption from $50,000 to $250,000 by 2028, cutting non-school property taxes.
