Florida property owners are facing a pivotal year ahead as the state considers major changes to its property tax system. The proposal, commonly known as "Save Our Homes from Excessive Property Taxes," could substantially alter the tax landscape for homeowners, investors, and commercial property owners alike. However, these changes are not yet law—they hinge on voter approval of a constitutional amendment in the November 2026 election.
The proposal is split into two parts. CS/HJR 1-F is the constitutional amendment that will appear on the November 3, 2026 ballot, requiring at least 60% voter approval to pass. If approved, it would take effect on January 1, 2027. The second part, CS/SB 4-F, has already been enacted and became effective on June 24, 2026, addressing local property tax rates and administration. Property owners should note that the expanded homestead exemption and reduced assessment caps are part of the proposed amendment, not the already-enacted law.
Under the proposed amendment, qualifying homeowners could see a significant increase in their homestead exemption from non-school property taxes. Currently, homeowners can claim up to $50,000, but starting in 2027, that exemption could rise to $150,000 of assessed value, and then to $250,000 in 2028, with inflation adjustments thereafter. This exemption applies only to non-school taxes, meaning school district taxes would remain unaffected. The goal is to reduce the county, municipal, and other non-school portions of property tax bills, potentially saving homeowners thousands of dollars depending on their property's value and local millage rates.
The proposal also targets non-homestead properties, including rental properties, second homes, and commercial real estate. It would lower the annual assessment cap from 10% to 5%, limiting how much assessed values can increase each year. While this could slow the growth of taxable assessments, it does not guarantee lower tax bills, as millage rates and other factors still play a role.
One of the most critical aspects is the five-year residency rule for new Florida residents. Those who establish permanent residency by December 31, 2026, and qualify for homestead, would receive the expanded exemption starting in 2027. However, those who become residents after that date would initially receive only the current, more limited exemption and would have to wait until their fifth year of homestead to qualify for the larger exemption. This deadline has prompted many to consider whether to move to Florida before the end of 2026, but experts caution that residency decisions should be based on a comprehensive evaluation of legal, tax, and personal factors, not just property taxes.
As the November 2026 election approaches, property owners should monitor official sources for updates. The Florida Senate has published materials for both CS/HJR 1-F and CS/SB 4-F, and the Florida Department of Revenue offers property tax guidance. Until voters have their say, these changes remain proposed, and property owners should not assume they will take effect. The outcome will shape the future of property taxation in Florida, making it essential for all stakeholders to stay informed and prepared.
