05/29/2026
๐ Florida Property Tax Update โ As of May 29, 2026
Thereโs been a lot of noise around property taxes lately, so here are the facts as they stand right now:
๐น On May 27, Governor DeSantis proposed increasing the homestead exemption from $50,000 to $250,000. Based on current estimates, about 60% of homesteaded homeowners could pay $0 in property taxes under this plan.
๐น A future proposal to raise the exemption to $500,000 could make up to 92% of homesteaded properties tax-free, with a long-term goal of potentially eliminating property taxes on primary residences altogether.
๐น This applies only to primary residences. Rental properties, second homes, and commercial properties would still be taxed.
๐น New Florida residents (after January 1, 2027) may have to wait up to 5 years to qualify for the exemption.
๐น A Special Session is scheduled for June 1โ3. The proposal (SJR 2-F / SB 4-F, sponsored by Sen. Avila) would require 60% approval from the Legislature and then 60% voter approval in November.
๐น This is a completely new proposal. The previous bill (HJR 203) is no longer in play.
๐น Important: Nothing has passed yet. This is NOT law.
๐ก Letโs clear up a few common misconceptions:
๐น There are no plans to raise sales tax in this proposal. Floridaโs sales tax remains at 6%.
๐น Renters are not being taxed under this plan.
๐น The driving force behind this discussion is the sharp rise in property tax revenueโgrowing from about $32 billion in 2019 to roughly $60 billion today, with projections reaching $83 billion by 2032.
๐น Some local governments have raised concerns, especially smaller communities, about how changes could impact funding for essential services like public safety.
๐ For perspective:
On a $425,000 home in the Tampa Bay area, property taxes are currently averaging around $500 per month.