Florida property tax relief proposal could save homeowners billions

(The Center Square) – Florida homeowners could see substantial savings if voters pass the constitutional amendment on property tax relief in November.

A fiscal analysis estimates homeowners would save $4.6 billion in the first year of its implementation and as much as $8.4 billion in the second year.

The constitutional amendment, which legislators passed in a special session last week, would provide a new $150,000 homestead exemption for non-school taxes in 2027. The exemption would rise to $250,000 in 2028.

Owners who are not permanent Florida residents would also benefit from a five year $50,000 exemption. After five years of Florida residency they would be eligible for the $250,000 exemption.

While voters have indicated widespread support for property tax relief, local governments and policy analysts are wary that sales taxes could rise exponentially to offset the loss of revenue.

The amendment would limit counties and municipalities from using ad valorem taxes...