Florida Map Shows Where Property Tax Cuts Could Impact Services
Summary
Florida voters will decide in November whether to approve a change that would reduce property taxes for many homeowners by increasing tax exemptions on their homes. Local governments warn this could lower their budgets by billions and may lead to higher sales taxes or cuts to public services.Key Facts
- The amendment would exempt the first $150,000 of a home's value from local property taxes (except school taxes) by 2027 and $250,000 by 2028.
- This change could reduce property tax bills for many Florida homeowners to zero for non-school taxes.
- Local governments fear losing about $4.8 billion per year under the $250,000 exemption level.
- Miami-Dade, Broward, and Palm Beach counties would see the largest drops in revenue, with Miami-Dade losing over $460 million.
- The proposal was passed by Florida’s Republican-controlled House and Senate as House Joint Resolution 1F.
- The amendment requires new residents after January 1, 2027, to live in Florida for five years before qualifying for the tax exemption.
- The proposal does not include a fund to help local governments cover essential services while property taxes are reduced.
- If approved by at least 60% of voters on November 3, the amendment would take effect January 1, 2027.
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