Florida’s proposed property tax changes, known as the “Save Our Homes from Excessive Property Taxes” proposal, could significantly affect homeowners, investors, second-home owners, and commercial property owners. The proposal includes a much larger homestead exemption and a lower annual assessment cap for many non-homestead properties. However, voters must approve the constitutional amendment in November 2026.
There are two related parts to this proposal. CS/HJR 1-F is a proposed constitutional amendment that will go before Florida voters in the November 3, 2026 general election. It contains the major changes affecting homestead exemptions and assessment caps. To become effective, the amendment must receive at least 60% voter approval. CS/SB 4-F, on the other hand, has already been enacted. It became effective June 24, 2026, and changes certain rules governing local property tax rates and property tax administration.
The key point for property owners is simple: the larger homestead exemption and lower non-homestead assessment cap will not take effect unless voters approve CS/HJR 1-F. If approved, the constitutional amendment would take effect January 1, 2027.
Today, qualifying Florida homeowners can generally receive a homestead exemption of up to $50,000, although the exemption applies differently to school and non-school property taxes. Under the proposed amendment, qualifying homeowners could receive a substantially larger exemption from non-school property taxes. Beginning in 2027, the exemption would cover up to $150,000 of assessed value. In 2028, it would increase to as much as $250,000, with inflation adjustments beginning thereafter. That does not mean a homeowner would pay no property taxes on the first $250,000 of value. School district taxes are treated differently and would not receive the expanded exemption. In practical terms, the proposal is designed primarily to reduce the county, municipal, and other non-school portions of a qualifying homeowner’s property tax bill. How much would a homeowner actually save? That depends on the property’s assessed value, local millage rates, school and non-school taxes, and other property-specific factors.
The proposal is not limited to homestead owners. CS/HJR 1-F would also reduce the annual assessment cap for many non-homestead residential and non-residential properties from 10% to 5%. That could be important for owners of rental properties, second homes, investment properties, and certain commercial properties because it would limit how quickly their assessed values can increase from year to year. However, a lower assessment cap does not necessarily mean a lower tax bill. Property taxes still depend on taxable value, local millage rates, and other factors.
One of the most important parts of the proposal concerns Florida residency. Under the proposal, people who maintained permanent Florida residence as of December 31, 2026, and otherwise qualify for homestead, could receive the expanded non-school homestead exemption beginning in 2027. Someone who becomes a permanent Florida resident after December 31, 2026 would generally not receive the full increased exemption immediately. Instead, the homeowner would initially receive the more limited homestead exemption. Beginning with the fifth year of the exemption, the homeowner could become eligible for the larger exemption then available to qualifying Florida homeowners. This provision has understandably raised an important question for people considering a move to Florida: Should you become a Florida resident before the end of 2026?
There is no one-size-fits-all answer. The December 31, 2026 date could become important if the amendment passes, but changing residency should not be based on property taxes alone. Establishing Florida residency involves much more than obtaining a Florida driver’s license or filing a declaration of domicile. Where you actually live, family and employment connections, business activities, estate planning, insurance, and tax considerations may all be relevant. For someone already considering a move to Florida, the proposed property tax changes may be another factor worth evaluating. But residency decisions should be considered as part of a broader legal, tax, estate, and financial plan.
The most important date is November 3, 2026, when Florida voters are scheduled to consider the constitutional amendment. Until then, property owners should distinguish between what has already become law under CS/SB 4-F and what is still proposed under CS/HJR 1-F. If the amendment receives the required voter approval, the new constitutional provisions are scheduled to take effect January 1, 2027. For people considering buying or selling Florida property, establishing Florida residency, or restructuring real estate holdings, these changes may become an important part of the planning conversation, but they should not be treated as guaranteed until the voters have spoken.
For official information and future updates, property owners can review the Florida Senate materials for CS/HJR 1-F — Save Our Homes from Excessive Property Taxes, CS/SB 4-F — Property Tax Administration, and property tax guidance published by the Florida Department of Revenue.
