Florida property owners are facing a pivotal decision in the November 2026 election, as a proposed constitutional amendment known as "Save Our Homes from Excessive Property Taxes" could dramatically alter property tax obligations across the state. The proposal, which requires 60% voter approval, would expand homestead exemptions and reduce assessment caps for many non-homestead properties, but its implementation hinges on the vote.
Under the proposed CS/HJR 1-F, qualifying homeowners could see their non-school homestead exemption increase to $150,000 of assessed value in 2027, rising to $250,000 by 2028 with inflation adjustments thereafter. This exemption applies to county, municipal, and other non-school taxes, potentially reducing property tax bills for many Floridians. However, school district taxes remain unaffected.
The proposal also targets non-homestead properties, including rental properties, second homes, and commercial real estate, by lowering the annual assessment cap from 10% to 5%. This would slow the growth of assessed values, providing some relief to owners facing rapid appreciation. Yet, property tax bills still depend on local millage rates and other factors, so lower assessment caps do not guarantee lower taxes.
One critical element is the residency requirement. Homeowners who establish permanent Florida residency by December 31, 2026, and qualify for homestead could receive the expanded exemption immediately. Those who become residents after that date would initially receive the current exemption, with eligibility for the larger exemption only after five years. This provision has prompted questions about whether to accelerate relocation plans, but experts caution that residency decisions should be based on a comprehensive assessment of legal, tax, and personal factors, not solely on property tax benefits.
It's important to distinguish between what has already been enacted and what remains pending. CS/SB 4-F, which took effect June 24, 2026, addresses local property tax rates and administration. The major changes in CS/HJR 1-F are still subject to voter approval. If passed, they would take effect January 1, 2027.
For those considering buying, selling, or restructuring property in Florida, these potential changes could influence planning. However, until voters decide on November 3, 2026, nothing is guaranteed. Property owners should monitor official resources, including the CS/HJR 1-F bill page and CS/SB 4-F bill page, as well as guidance from the Florida Department of Revenue for updates.
The outcome of this election will have far-reaching implications for homeowners, investors, and the state's real estate market. While the proposed changes offer potential savings, they also introduce complexity, especially for new residents. As the vote approaches, property owners should stay informed and consider seeking professional advice to navigate the potential changes.
