The Truth About Florida's New Property Tax Amendment: What Homeowners and Movers Really Need to Know
By Jeremy Rickard | Excellecore Real Estate
If you're living in Florida or thinking about making the move here, this might be one of the most important things you read all year. There's a 20-page proposed constitutional amendment to Florida's property tax system that we'll all be voting on this November, and honestly, there's a lot of misinformation floating around about it on social media and in the news.
I'm the Broker and Owner of Excellecore Real Estate. I've helped families buy and sell homes in Central Florida for over 20 years, and I want to break down this Florida property tax amendment in plain English so you can form your own opinion based on facts, not noise.
What Is a Super Majority Vote? (The 60% Rule)
First things first: this isn't a simple majority vote. For this amendment to pass and officially change the Florida constitution, it needs a super majority, meaning 60% of voters have to say yes. A simple 51% won't cut it. That's an important detail that a lot of people miss when they talk about whether this property tax amendment will actually pass.
When Does This Take Effect? The Rollout Timeline
Assuming it does pass, this is not a light switch situation. There's no scenario where you wake up on January 1st and your property taxes just disappear. If voters approve it, the amendment takes effect January 1, 2027, and it rolls out in phases over time, not all at once.
Who Qualifies vs. Who Is Excluded: The 5-Year Window
Here's where it gets important for anyone considering a move to Florida. If you already have a homesteaded property, meaning your primary residence is here in Florida, you're eligible for this rollout right away. But if you haven't established Florida residency by December 31, 2026, you're looking at a 5-year waiting period before you can take advantage of these new benefits.
That doesn't mean you're left with nothing in the meantime. You'd still keep the current homestead exemption benefits we already have, along with the existing 3% (or CPI, whichever is lower) cap on annual assessment increases. If you're on the fence about relocating to Florida, this is exactly the kind of timing detail worth paying attention to.
What About School Taxes and CDD Fees? The Catch
This is the part people get wrong more than anything else. Your property taxes are not going to zero. School board taxes, which typically make up around 40% of your total tax bill, are completely untouched by this amendment. So are non-ad valorem fees, things like stormwater fees and CDD (Community Development District) fees, which are especially common in neighborhoods around Land O' Lakes and Wesley Chapel. If someone tells you this amendment eliminates all property taxes, that's simply not accurate.
Annual Property Reassessments and the 3% Cap
Under this amendment, your property will be assessed at just value as of January 1, 2027, and reassessed every year after that. The increase in that assessment will be capped at whichever is lower: 3% or the change in the Consumer Price Index. That protection resets when you sell, since a new owner gets reassessed at just value at the time of the transfer.
What Is Property Tax Portability?
If you've owned your Florida home for a while, you've likely built up a gap between your home's just value and its assessed value. That difference can be carried over to a new property through something called portability, which lowers the tax assessment on your next home. This is a hugely misunderstood benefit, especially for people selling in Florida, and honestly it deserves its own deep dive down the road.
The Step-by-Step Exemption Rollout: $150K to $250K and Beyond
For those who qualify, here's the actual numbers. Starting January 1, 2027, eligible homesteads get an exemption up to $150,000 of assessed valuation. The following year, January 1, 2028, that jumps to $250,000. The amendment also lays out a roadmap for the legislature to keep expanding that exemption over time. If your home is assessed at $250,000 or under, this could meaningfully lower your monthly mortgage payment.
Impact on Non-Residents, Out-of-State Movers, and Investors
If you're not yet a Florida resident and you move here after January 1, 2027, you'll wait 5 years before this new amendment applies to you. In the meantime, you'd still have access to the current homestead exemption on non-school taxes, up to $50,000, plus the existing 3% (or CPI) assessment cap.
For second-home owners and real estate investors, there's a real change worth knowing about. Right now, assessed value on non-homesteaded properties can increase up to 10% per year. Under this new amendment, that cap drops to 5%, a 50% reduction in how fast your assessment (and tax bill) can climb.
The amendment also carves out additional protections for specific groups, including homeowners 65 and older with limited income, first responders injured in the line of duty, and veterans and their surviving spouses.
Quick Recap: What This Amendment Does and Doesn't Do
Let's simplify everything. This Florida property tax amendment does not touch school district taxes and does not touch non-ad valorem fees like CDD assessments. It does raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028, with future increases planned. It requires Florida residency by December 31, 2026 for immediate eligibility, and it lowers the annual assessment cap for investors and second-home owners from 10% to 5%.
How Will Counties Account for Lost Tax Revenue?
One question I get a lot: how do counties and municipalities make up for the tax revenue they'll lose? The amendment leaves room for counties and municipalities to potentially introduce new fees to cover essential services like police and fire departments. The specifics on amounts and timing aren't locked in yet, but the door is left open for local governments to respond.
Final Thoughts
Look, nobody loves paying property taxes, but reducing the tax burden on Florida homeowners is a good thing in my book. What I've noticed talking with clients and friends across the political spectrum is that support for this amendment isn't really breaking down along party lines. People just want relief, especially after years of heavy inflation eating into household budgets.
If you want to read the full 20-page document for yourself rather than relying on rumors, email me at jeremy@excellecore.com and I'll send it straight to your inbox.
And if you're thinking about moving to Florida, buying a home here, or just trying to make sense of homestead exemptions, portability, and CDD fees in the Tampa Bay suburbs, that's exactly what we do at Excellecore Real Estate. We offer a free initial consultation to help you figure out the right area, the true cost of living, and the smartest financial strategy for your move. Reach out anytime at jeremy@excellecore.com.