What You Need to Know About Florida’s “Save Our Homes from Excessive Property Taxes” Proposed Constitutional Amendment

Florida voters will have the opportunity this November to decide whether to approve one of the most significant property tax reforms in state history. The proposed constitutional amendment, titled “Save Our Homes from Excessive Property Taxes,” was approved by the Florida Legislature during a June 2026 special session and will appear on the General Election Ballot on November 3, 2026.

If approved by at least 60% of voters, the amendment would substantially increase the impact of Florida’s homestead exemption. If it fails to receive the required 60% approval, current rules will remain in place. According to a survey conducted by Stetson University, approximately 77% of voters support some form of property tax amendment.

While it is important to note that nothing has changed yet, homebuyers and property owners would be wise to start considering ways they can take advantage of the amendment, if it passes, given the short timeframe between the November election and the end of the 2026 tax year.

Current Homestead Exemption

Currently, Florida residents may apply for a homestead exemption on real property they own and occupy as their primary residence as of January 1 of the applicable tax year.

The homestead exemption reduces the assessed value of the property (not the actual tax bill) by $50,000 for non-school property taxes and $25,000 for school district taxes. For example, if homestead property has an assessed value of $500,000, the exemption reduces the taxable value to $450,000 for non-school taxes and $475,000 for school taxes.

Once the homestead exemption has been granted, the annual assessed value of the property for non-school taxes can only increase by the lesser of 3% or the percentage change in the Consumer Price Index (CPI) for the prior year. This is known as the Save Our Homes (SOH) Cap. Non-homestead property (e.g., vacation homes, residential rental property, apartment buildings and commercial property) can only increase by the lesser of 10% or CPI.

Proposed Changes

Here is what you need to know about the amendment:

• Phase 1: $100,000 Increase to Homestead Exemption – Beginning January 1, 2027, the homestead exemption on non-school property taxes, which is currently $50,000, would increase to $150,000.
• Phase 2: Additional $100,000 Increase to Homestead Exemption – Beginning January 1, 2028, the homestead exemption on non-school property taxes would increase again to $250,000, and adjust annually based on the Consumer Price Index.
• Non‑School District Taxes Only – The enhanced homestead exemption would apply only to non-school property taxes. School district taxes, which make up approximately 60% of the overall property tax bill in many counties, retain their current $25,000 exemption.
• Limiting Tax Increases on Non‑Homestead Property – Beginning January 1, 2027, the cap on annual increases to the assessed value of non-homestead properties would be reduced from 10% to 5%.
• Waiting Period for New Residents – People who establish domicile in Florida after December 31, 2026, will not receive the enhanced homestead exemption immediately. For the first four years, they receive the exemption, they would only be eligible for the “old” $50,000 homestead exemption. Beginning in the fifth year, they would become eligible for the enhanced $250,000 exemption. A household that misses the December 31, 2026, deadline could forego thousands of dollars of savings over the next four years. Beginning in 2030, counties and municipalities may shorten the waiting period for critical local needs.
• Flexibility for Local Authorities to Further Increase Exemptions – Counties, municipalities, and special districts may increase the homestead exemption even further under procedures established by law.
• Restrictions on Use of Property Tax Revenue – Counties and municipalities are limited to using ad valorem taxes only for the purposes set forth in the amendment.

The amendment, if it passes, presents various planning opportunities:

• People who own their Florida primary residence in a limited liability company should consider implementing planning techniques that could entitle them to receive the homestead exemption.
• People who currently own a vacation home and are considering establishing domicile in Florida should carefully consider accelerating their relocation to qualify for the enhanced homestead exemption without being subject to the waiting period.
• Out-of-state residents (or their realtors) who are currently submitting offers to purchase a Florida residence should aim to close prior to December 31, 2026 (or ideally earlier to provide time to establish Florida domicile). If closing by this deadline is not possible, consider whether a pre-occupancy agreement is sufficient to establish domicile prior to the deadline.

At Williams Parker, our team of experienced real estate attorneys can help you or your clients take advantage of any changes to Florida’s property tax rules.