Florida’s property tax landscape could undergo significant changes if voters approve a constitutional amendment in November 2026. The proposal, known as “Save Our Homes from Excessive Property Taxes,” aims to expand homestead exemptions and reduce annual assessment caps for many non-homestead properties. However, the changes are not guaranteed; they hinge on voter approval and have specific eligibility requirements.
The proposal consists of two parts. CS/HJR 1-F is a proposed constitutional amendment that will appear on the November 3, 2026 ballot. It requires at least 60% voter approval to take effect on January 1, 2027. In contrast, CS/SB 4-F has already been enacted and became effective June 24, 2026, altering rules for local property tax rates and administration. The critical distinction is that the larger homestead exemption and lower non-homestead cap will only become reality if the amendment passes.
Currently, qualifying Florida homeowners can receive a homestead exemption of up to $50,000, but the proposed amendment would substantially increase that for non-school property taxes. Beginning in 2027, the exemption would cover up to $150,000 of assessed value, rising to $250,000 in 2028, with inflation adjustments thereafter. It’s important to note that school district taxes would not be subject to the expanded exemption. The actual savings for homeowners will vary based on assessed value, local millage rates, and other factors.
The proposal also extends to non-homestead properties, including rental properties, second homes, and commercial real estate. For these, the annual assessment cap would drop from 10% to 5%, limiting how quickly assessed values can increase. While this could slow the growth of property taxes, it does not guarantee lower bills, as taxes still depend on taxable value and millage rates.
One of the most talked-about aspects is the five-year residency rule. To qualify for the expanded exemption, homeowners must have established permanent Florida residency by December 31, 2026, and otherwise meet homestead requirements. New residents after that date would initially receive the current, more limited exemption and only become eligible for the larger one after five years. This has prompted many to consider whether they should move to Florida before the end of 2026.
However, experts caution that residency decisions should not be based solely on property taxes. Establishing Florida residency involves more than getting a driver’s license or filing a declaration of domicile; it requires a genuine change in primary residence, considering factors like where you live, work, and have family ties. For those already planning a move, the property tax proposal may be an additional factor, but it should be weighed within a broader legal and financial plan.
Property owners should monitor the November 3, 2026 election closely. Until then, it’s crucial to differentiate between what is already law under CS/SB 4-F and what is still proposed under CS/HJR 1-F. If approved, the new provisions take effect in 2027. For those buying, selling, or restructuring Florida property, these changes could become integral to planning, but they are not guaranteed until voters speak.
For official information, property owners can review the Florida Senate materials for CS/HJR 1-F — Save Our Homes from Excessive Property Taxes and CS/SB 4-F — Property Tax Administration, as well as guidance from the Florida Department of Revenue (note: the original source lists the Florida Senate links, but the Department of Revenue link is not provided; this is a placeholder).
