Florida property owners and prospective residents are closely watching a proposed constitutional amendment that could reshape the state's property tax landscape. The 'Save Our Homes from Excessive Property Taxes' proposal, designated as CS/HJR 1-F, is scheduled for the November 3, 2026, ballot. If approved by at least 60% of voters, it would take effect January 1, 2027, ushering in a much larger homestead exemption and a lower annual assessment cap for many non-homestead properties.
Currently, qualifying Florida homeowners can claim a homestead exemption up to $50,000, though the exemption varies for school and non-school taxes. Under the proposal, the non-school portion of the exemption would jump to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. This would primarily reduce county, municipal, and other non-school property taxes, potentially offering substantial savings for primary residents. However, school district taxes would remain unaffected, so homeowners would still owe those taxes on the full assessed value.
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% for many of these properties, limiting how much their assessed values can increase each year. While this could slow the growth of tax bills, it does not guarantee lower taxes, as final amounts depend on millage rates and other factors.
A critical component of the amendment is the five-year residency rule. Those who establish permanent Florida residency by December 31, 2026, and otherwise qualify for homestead would receive the expanded exemption starting in 2027. New residents after that date would initially receive the current, more limited exemption and would only become eligible for the larger exemption beginning with the fifth year of their homestead. This timeline has sparked debate about whether individuals considering a move to Florida should accelerate their plans.
However, experts caution against making residency decisions solely based on property tax implications. Establishing Florida residency involves a comprehensive evaluation of where one actually lives, family and employment ties, business interests, estate planning, insurance, and tax considerations. It is not simply obtaining a driver's license or filing a declaration of domicile. For those already planning a move, the proposed changes add another layer to the decision, but they should be weighed within a broader financial and legal strategy.
It is also important to distinguish between the two legislative actions. While CS/HJR 1-F is pending voter approval, CS/SB 4-F has already been enacted and became effective June 24, 2026. That law changes certain rules governing local property tax rates and administration, but it does not include the major exemption or cap changes. Property owners should stay informed about both to understand the full scope of potential changes.
For those tracking the issue, the Florida Senate has published official materials for CS/HJR 1-F — Save Our Homes from Excessive Property Taxes and CS/SB 4-F — Property Tax Administration, along with guidance from the Florida Department of Revenue. These resources can help property owners monitor developments and prepare for the November vote.
As the election approaches, the potential impact of this amendment is significant for homeowners, investors, and the broader Florida economy. If passed, it could alter property tax burdens and influence decisions on buying, selling, and relocating. Until then, stakeholders are advised to treat the changes as proposed, not guaranteed, and to consider how they might affect their individual circumstances.
