Florida property owners are closely watching a proposed constitutional amendment that could reshape the state's property tax landscape. The proposal, known as "Save Our Homes from Excessive Property Taxes," aims to expand homestead exemptions and reduce assessment caps for many non-homestead properties. However, its implementation hinges on voter approval in the November 2026 general election.
The proposal is divided into two parts. CS/HJR 1-F is the proposed constitutional amendment that will appear on the November 3, 2026 ballot, requiring at least 60% voter approval to pass. If approved, it would take effect on January 1, 2027. In contrast, CS/SB 4-F has already been enacted into law, effective June 24, 2026, and focuses on administrative changes to property tax rates and procedures. Property owners must distinguish between what is already law and what is still pending voter approval.
Under the proposed amendment, qualifying homeowners could see a substantial increase in their homestead exemption from non-school property taxes. Currently, the exemption is up to $50,000. The proposal would raise it to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter. This exemption applies only to non-school taxes, meaning school district taxes are unaffected. The potential savings for homeowners depend on various factors, including assessed value and local millage rates.
The proposal also targets non-homestead properties, including rental properties, second homes, and commercial real estate. It would lower the annual assessment cap from 10% to 5% for many of these properties. This could slow the growth of assessed values, potentially limiting tax increases. However, a lower cap does not guarantee lower taxes, as millage rates and other factors still play a role.
A critical aspect of the proposal is the five-year residency rule. Individuals who establish permanent Florida residency by December 31, 2026, and qualify for homestead, could immediately receive the expanded exemption in 2027. Those who become residents after that date would initially receive the current exemption and only become eligible for the larger exemption after five years. This has prompted some to consider accelerating their move to Florida, but experts caution against making residency decisions based solely on property taxes.
Establishing Florida residency involves more than obtaining a driver's license or filing a declaration of domicile. Factors such as where you live, family ties, employment, business activities, and estate planning all contribute to residency determination. Prospective residents should evaluate these changes within a broader financial and legal plan.
As the November 2026 election approaches, property owners should monitor the progress of CS/HJR 1-F and be aware of the distinction between enacted and proposed changes. The outcome will significantly impact property tax planning for many Floridians. For official information, the Florida Senate's CS/HJR 1-F page and CS/SB 4-F page provide details, as does the Florida Department of Revenue.
