Florida Property Taxes Are Making Headlines—But Has Anything Actually Changed?

Over the past several weeks, many Florida homeowners have seen headlines suggesting that property taxes are being reduced or that Florida has dramatically increased its Homestead Exemption.

While these headlines have generated excitement, they have also created confusion.

The truth is simple:

As of June 27, 2026, Florida's property tax laws have not changed.

Although the Florida Legislature approved a proposed constitutional amendment that could significantly increase the Homestead Exemption for many homeowners, Florida voters still have the final say. Until voters approve the proposal during the November 3, 2026 General Election, current property tax laws remain fully in effect.

Let's break down exactly what is happening, what could change, and what it may mean for homeowners, homebuyers, and those considering refinancing.

Understanding Florida's Current Homestead Exemption

Florida offers one of the country's most valuable tax benefits for homeowners through its Homestead Exemption.

If a property is your primary residence and you qualify for Homestead, a portion of your home's assessed value is exempt from property taxation.

Currently, most qualifying homeowners receive up to a $50,000 Homestead Exemption, although not every taxing authority applies the exemption in the same way.

In addition to the exemption itself, Florida homeowners also benefit from the Save Our Homes amendment, which generally limits annual increases in a home's assessed value for tax purposes. This protection helps many homeowners avoid dramatic property tax increases even when market values rise significantly.

Together, these protections have made Florida one of the more homeowner-friendly states for long-term property ownership.

What Did the Florida Legislature Approve?

During the June 2026 Special Legislative Session, lawmakers approved a proposed constitutional amendment known as:

"Save Our Homes from Excessive Property Taxes."

Rather than immediately changing tax laws, the Legislature voted to place the proposal on the November 2026 statewide ballot.

Because Florida's Homestead Exemption is established in the Florida Constitution, lawmakers cannot simply increase it through ordinary legislation.

Instead, Florida voters must approve the amendment by at least 60% before it becomes law.

What Would Change If Voters Approve the Amendment?

If approved, the amendment would substantially increase the Homestead Exemption for many owner-occupied homes.

Beginning January 1, 2027

Eligible homeowners could receive a Homestead Exemption of up to:

$150,000 for non-school property taxes.

Beginning January 1, 2028

The exemption could increase further to:

$250,000 for non-school property taxes.

The proposal also includes future inflation adjustments, helping preserve the value of the exemption over time instead of allowing inflation to gradually reduce its benefit.

Importantly, school district taxes would still apply. The proposal affects only eligible non-school property taxes, meaning homeowners would continue contributing to public education through property taxes.

What Has NOT Changed?

Despite the recent news, nothing changes today.

Until Florida voters approve the amendment:

• The current $50,000 Homestead Exemption remains in place.

• Save Our Homes assessment protections remain unchanged.

• County and municipal millage rates remain unchanged.

• Existing assessment caps continue to apply.

• Your 2026 property tax bill will not increase or decrease because of this proposal.

This distinction is critical because many homeowners mistakenly believe the Legislature's approval automatically changed their tax bill. It did not.

Why Is This Amendment Significant?

If approved, this proposal would represent one of the largest changes to Florida's homeowner property tax system in decades.

The goal is to provide additional tax relief as Florida homeowners continue facing rising housing costs, including:

• Higher home prices

• Increased homeowners insurance premiums

• Rising maintenance expenses

• Inflation affecting household budgets

By increasing the Homestead Exemption, lawmakers hope to reduce the taxable value of many owner-occupied homes, lowering eligible property taxes and improving affordability over time.

How Could This Affect Your Monthly Mortgage Payment?

Many homeowners don't realize that their monthly mortgage payment often includes more than just principal and interest.

A typical mortgage payment consists of:

• Principal

• Interest

• Property taxes

• Homeowners insurance

• Mortgage insurance (when applicable)

Property taxes are usually collected each month through an escrow account.

If future property taxes decrease because of a larger Homestead Exemption, monthly escrow payments may also decrease once county tax rolls are updated.

Although every property is different, lower property taxes can contribute to a lower overall monthly housing payment.

What Does This Mean for Homebuyers?

For future buyers purchasing a primary residence, this proposal could create additional affordability if it becomes law.

Potential benefits include:

Lower Estimated Monthly Payments

Reduced property taxes may lower the estimated monthly payment used during pre-approval and budgeting.

Improved Debt-to-Income Ratios

Since property taxes are included in qualifying housing expenses, lower taxes could improve a borrower's debt-to-income ratio (DTI), potentially allowing some borrowers to qualify more comfortably.

Increased Purchasing Power

Savings on monthly housing costs may allow buyers to consider homes that were previously just outside their target payment range.

What About Refinancing?

Homeowners considering refinancing could also benefit if the amendment is approved.

Lower annual property taxes could reduce escrow payments after implementation, potentially lowering total monthly housing costs.

Mortgage servicers would recalculate escrow accounts once updated tax assessments become available.

Does This Help Investment Properties?

Generally, no.

The proposed constitutional amendment primarily benefits owner-occupied homes that qualify for Florida's Homestead Exemption.

Investment properties, vacation homes, rental properties, and second homes generally would continue under current property tax rules unless additional legislation is enacted in the future.

Important Timeline

June 2, 2026
Florida Legislature approved the proposed constitutional amendment.

June 2026
No changes to existing property tax bills.

November 3, 2026
Florida voters decide whether to approve the amendment.

January 1, 2027
Potential first increase in the Homestead Exemption if approved.

January 1, 2028
Potential second increase takes effect if approved.

Frequently Asked Questions

Will my 2026 property taxes decrease?

No. Current property tax laws remain in effect until the constitutional amendment is approved by voters.

Has Florida eliminated property taxes?

No. Property taxes remain in place throughout Florida.

Does this apply to second homes?

No. The proposal primarily benefits owner-occupied homes with a Homestead Exemption.

Will school taxes disappear?

No. School district property taxes would continue under the proposal.

Should I wait to buy a home?

Not necessarily. Real estate decisions should be based on your financial readiness, housing needs, and long-term goals—not solely on the outcome of a proposed amendment. If approved, eligible buyers who establish a Florida homestead after purchasing may benefit once the new rules take effect.

Final Thoughts

Florida's proposed Homestead Exemption increase has the potential to provide meaningful tax relief for many homeowners, but it is important to separate headlines from reality.

Today, nothing has changed. The proposal must first be approved by Florida voters in the November 3, 2026 General Election before any new exemption amounts can take effect.

Whether you're buying your first home, refinancing, or simply planning for the future, understanding how property taxes affect your monthly payment is an important part of making informed financial decisions.

As your Mortgage Loan Officer, I'm committed to keeping you informed about the policies and market changes that can impact your homeownership journey. If you have questions about property taxes, mortgage payments, or home financing, I'm always here to help.

About the Author

Delilah Goodman
Mortgage Loan Officer | NMLS #2733702

Helping individuals and families make informed home financing decisions through education, transparency, and personalized mortgage solutions.

Office: (434) 623-9286
Cell: (786) 431-8139
Email:[email protected]
Website:https://Delilah.MDGManagementGroup.com

Licensed in Florida & Georgia