TAMPA, Fla. — Gov. Ron DeSantis has unveiled a property tax relief plan and will call a special legislative session next Monday to consider a proposed constitutional amendment. The plan aims to significantly raise the homestead exemption for the primary homes of Florida residents, DeSantis said Wednesday at a news conference in Tampa.
The proposed plan, if approved by Florida lawmakers next week and state voters in November, would increase the homestead exemption from $50,000 to $250,000, DeSantis said. Under the proposal, the state Legislature would be tasked with establishing a schedule for the full elimination of property taxes for homeowners.
The exemption is expected to affect local government and school revenues. The plan mandates that remaining property tax revenues must be spent on core services, including schools, police and fire departments.
The state would also establish a trust fund under the plan to backfill local school and government budgets. This fund aims to ensure that core services remain fully funded despite the changes to property tax collection.
Local governments would face restrictions on shifting the tax burden to businesses. The current 10% annual cap on property tax increases for commercial properties would be reduced to 5% under the Governor’s plan. The proposal includes specific restrictions for new Florida residents. Individuals who move to the state after the amendment is enacted would be subject to the current property tax system for five years before becoming eligible for the new exemptions.
DeSantis said the $250,000 limit would eliminate property tax for 60% of Florida homeowners.
“Once you put a schedule in and this would be something that we work with the legislature on after the vote is taken in November if it’s successful, when you raise to $500,000 limit, that’s 92% of all Florida residents would be tax free,” DeSantis said. “I think this bottom up approach is a better approach.”
The proposed constitutional amendment requires legislative approval next week and will ultimately go before Florida voters in November for final approval.
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