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 the state's property tax landscape. The amendment, designated as CS/HJR 1-F, would increase the homestead exemption for non-school taxes and reduce the annual assessment cap for many non-homestead properties. However, its implementation hinges on voter approval, with a 60% supermajority required for passage.
Currently, qualifying homeowners can claim a homestead exemption of up to $50,000, but this applies differently to school and non-school taxes. If the amendment passes, the exemption for non-school taxes would rise to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. This would primarily reduce county, municipal, and other non-school portions of property tax bills, though school district taxes would remain unaffected.
The proposal also targets non-homestead properties, including rental units, second homes, and commercial real estate. For these, the annual assessment cap would drop from 10% to 5%, limiting how much assessed values can increase yearly. While this could slow tax growth, it does not guarantee lower taxes, as local millage rates and other factors still apply.
One of the most critical aspects is the five-year residency rule. Those who establish permanent Florida residency by December 31, 2026, and qualify for homestead would receive the expanded exemption starting in 2027. New residents after that date would initially receive the current exemption and only become eligible for the larger one after five years of continuous homestead status. This has prompted many to consider the timing of a move to Florida, but experts caution that residency decisions should not be made solely on property tax implications.
Establishing Florida residency involves more than obtaining a driver's license or filing a declaration of domicile. Factors such as where one actually lives, family and employment ties, business activities, estate planning, insurance, and overall tax strategy all play a role. For those already contemplating a move, the proposed tax changes are another factor to weigh, but they should be considered within a broader financial plan.
It is also essential to distinguish between what has already become law and what remains proposed. CS/SB 4-F, which took effect June 24, 2026, includes changes to property tax administration and local tax rate rules. However, the more substantial alterations to exemptions and assessment caps are part of CS/HJR 1-F and will not take effect unless approved by voters. If passed, the new provisions would be effective January 1, 2027.
For property owners, investors, and those planning to relocate, the November 3, 2026 election is a critical date. Until then, careful planning should account for both potential outcomes. Official information and updates can be found through the Florida Senate's materials for CS/HJR 1-F and CS/SB 4-F, as well as guidance from the Florida Department of Revenue (note: the link for the Department of Revenue was not provided in the source, but the article references it). The outcome will shape Florida's property tax system for years to come, making it essential for stakeholders to stay informed and prepared.
