Florida property owners are closely watching a proposed constitutional amendment that could dramatically reshape the state's property tax landscape. The measure, known as 'Save Our Homes from Excessive Property Taxes' (CS/HJR 1-F), is scheduled for voter approval on November 3, 2026, and would introduce the most substantial changes to homestead exemptions and assessment caps in decades. If passed with at least 60% voter support, the amendment would take effect on January 1, 2027.
The proposal has two distinct components. CS/HJR 1-F is the constitutional amendment requiring voter approval, while CS/SB 4-F, already signed into law and effective June 24, 2026, addresses administrative rules for local property tax rates. The latter does not include the expanded exemptions or reduced caps; those changes hinge entirely on the November vote.
For qualifying homeowners, the amendment would significantly increase the homestead exemption from the current $50,000 to as much as $150,000 in 2027 and $250,000 by 2028, with inflation adjustments thereafter. This expansion applies only to non-school taxes, meaning county and municipal levies would be reduced, but school district taxes remain unaffected. The actual savings would vary based on assessed value and local millage rates.
Beyond homestead owners, the proposal would lower the annual assessment cap for non-homestead properties, including rental, second homes, and commercial real estate, from 10% to 5%. This change aims to limit how quickly assessed values can rise, potentially slowing tax increases for investors and commercial property owners. However, a lower cap does not guarantee lower taxes, as final bills depend on taxable value and local rates.
A critical provision introduces a five-year residency rule. Those who establish permanent Florida residency by December 31, 2026, and qualify for homestead would receive the expanded exemption starting in 2027. New residents after that date would initially receive the standard exemption and only become eligible for the larger amount in their fifth year. This has prompted many to consider the timing of a potential move to Florida.
However, experts caution against making residency decisions solely for tax benefits. Establishing Florida residency involves more than obtaining a driver's license or filing a declaration of domicile; factors like actual residence, family ties, employment, and estate planning all play a role. The December 31 deadline is significant if the amendment passes, but it should be weighed within a broader financial and legal context.
As the November election approaches, property owners should monitor official resources for updates. The Florida Senate provides detailed information on both CS/HJR 1-F and CS/SB 4-F, and the Florida Department of Revenue offers property tax guidance. Until voters decide, the proposed changes remain speculative, and property owners should plan with caution.
