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Market Insight · June 2026 · 6 min read

Florida Property Taxes Are On the Ballot — Here's What It Actually Means For Homeowners

If you've been a Florida homeowner for any length of time, you already know the pain. Property taxes have gone through the roof — and I mean that literally. Local governments collected about $32 billion in property taxes back in 2019. Today that number is around $60 billion. That's not a typo.

So when Governor DeSantis said he wants to eliminate homestead property taxes, people paid attention — some cheered, some didn't.

And honestly? It's worth understanding — because whether you're already here or thinking about buying, this affects you.

What's Actually Being Proposed

The proposal — called "Save Our Homes from Excessive Property Taxes" — has to go to Florida voters on the November 2026 ballot. It needs 60% approval to pass. If it does:

• In 2027, the homestead exemption jumps from $50,000 to $150,000
• In 2028, it rises to $250,000

That means the first $250,000 of your home's value would be completely tax-free. DeSantis says that covers about 60% of homesteaded residents right out of the gate — they would in fact pay zero property taxes.

The Part Nobody's Talking About Enough

If you establish Florida residency after January 1, 2027, you have to maintain that residency for up to five years before you qualify for the expanded exemption. You won't be left completely out — you'd still get the current exemption — but you wouldn't see the big benefit right away. It's a ramp-up process for new Floridians.

That means if you're on the fence about buying in Tampa Bay and you see this as a benefit to owning a home here, you need to take action now.

Current homesteaded owners get grandfathered in from day one. New residents wait up to five years.

The Good

For people who have watched their tax bills climb every single year while their income didn't, this is real relief. If you're a retired couple on a fixed income trying to stay in the home you've owned for 20 years, this could be the difference between staying and being forced out. That's the current reality — I've seen it happen.

For new buyers, meaningful tax savings increase purchasing power. Someone who was stretched at today's prices will get breathing room. That's good for buyers and for the overall health of the market.

The Concerns

I'm going to be honest with you — there are legitimate questions here that haven't been fully answered.

Local governments fund police, fire, schools, and roads largely through property taxes. St. Petersburg alone estimates this proposal would cost the city $38 million in 2028, growing to $75 million by 2029. We're talking about impacts on libraries, parks, senior programs like Meals on Wheels, and affordable housing. Multiply that across every county in Florida and you're talking about billions of dollars that have to come from somewhere.

DeSantis has said the state would step in to help cover core services — but whether that actually happens the way it's promised is a fair thing to wonder about, and perhaps worry about.

The other thing: this still has to pass in November with 60% of the vote. That's a high bar. For context, Amendment 4 on abortion rights got 57% in 2024 and still failed.

This is not guaranteed.

So What Does This Mean For You?

If you're already homesteaded in Florida — you're in a good position. Watch November.

If you're thinking about buying and you want to get ahead of that five-year clock, the conversation is worth having sooner rather than later. Tampa Bay is still one of the most in-demand markets in the country, and adding potential property tax elimination to the picture makes the math even more interesting.