Florida property owners are facing a pivotal decision in the November 3, 2026 general election, as a proposed constitutional amendment known as "Save Our Homes from Excessive Property Taxes" could substantially alter the state's property tax landscape. The measure, designated CS/HJR 1-F, would increase homestead exemptions and reduce annual assessment caps for many non-homestead properties, but its fate rests with voters, who must approve it by at least 60% for it to take effect on January 1, 2027.
Currently, qualifying homeowners can receive a homestead exemption of up to $50,000, though it applies differently to school and non-school taxes. If approved, the amendment would expand the non-school exemption to $150,000 of assessed value in 2027, rising to $250,000 in 2028, with inflation adjustments thereafter. This would reduce county, municipal, and other non-school portions of property tax bills, though school district taxes would remain unaffected. The actual savings for each homeowner would depend on assessed value, local millage rates, and other factors.
The proposal also targets non-homestead properties, including rental homes, second homes, and commercial real estate. For these properties, the annual assessment cap would drop from 10% to 5%, limiting how quickly assessed values can increase. However, a lower cap does not automatically mean lower taxes; property taxes still hinge on taxable value and local rates.
One of the most significant provisions involves Florida residency. Those who establish permanent Florida residency by December 31, 2026, and qualify for homestead could receive the expanded exemption starting in 2027. New residents after that date would initially receive the current, more limited exemption, becoming eligible for the larger one only after five years. This has prompted many to consider whether to accelerate a move to Florida, but experts caution that residency decisions should not be based solely on property taxes. Establishing Florida residency involves more than a driver's license or a declaration of domicile; it requires a comprehensive review of living arrangements, family and employment ties, business activities, estate planning, and tax implications.
It is crucial to distinguish between what has already become law and what remains proposed. CS/SB 4-F, which took effect June 24, 2026, changes rules on local property tax rates and administration. However, the larger exemption and lower cap are part of CS/HJR 1-F, which is still pending voter approval. Until that happens, property owners should treat these changes as potential, not guaranteed.
For those considering buying or selling property, establishing residency, or restructuring real estate holdings, the amendment could become a key factor in planning. Yet, the outcome is uncertain, and decisions should be made with the understanding that voters have the final say. Official information is available through the Florida Senate's materials on CS/HJR 1-F and CS/SB 4-F, as well as property tax guidance from the Florida Department of Revenue. As November approaches, property owners are advised to stay informed and consider the implications carefully.
