Florida sells itself on low taxes.
Now it wants to cut property taxes to zero for many homeowners. But the newest movers will wait the longest to cash in.
State lawmakers passed the measure on June 2. Voters get the final say in November.
It needs strong support to pass. Changes to the state's rules require 60% of the vote, not just half.
Gov. Ron DeSantis backed the plan as a win for homeowners. If it passes, the break grows in two steps.
The homestead exemption rises from $50,000 to $150,000 in 2027. Then it climbs to $250,000 in 2028.
The homestead exemption is the part of your home's value that local taxes can't touch. Lift it to $250,000, and many owners would owe nothing in local property taxes.
School taxes are the one piece that still applies. The rest of the local bill could drop to zero.
Tax shifts like this move real money, and Market Briefs breaks down what they mean for investors every morning - you also get a free investing masterclass when you sign up.
One line matters most if you plan to move. Become a full-time Florida resident by December 31, 2026, and you qualify right when the break starts.
Move after that date, and the wait is long. You don't get the full $250,000 break for four years.
So the state has sent a mixed message. It draws people from high-tax states, then tells the next wave to get in line.
It's like a store running a big sale. Then it tells new customers their discount won't kick in until 2030.
Florida has pulled in waves of new residents lately. Many came from costly states like New York and California.
State leaders see the break as a way to keep that flow going. Agents who sell to out-of-state buyers still like the plan.
They say it adds to Florida's pitch for retirees and remote workers. A lower tax bill is one more reason to make the move.
Owning a home in Florida has gotten pricey. Insurance, upkeep, and other bills have all climbed.
Agents say buyers view the break as a way to lower long-term costs. Current owners see it as real relief after years of rising bills.
How much would owners save? It depends on the local tax rate and the home's value.
A home worth $250,000 or less could see its local non-school taxes wiped out. Pricier homes would still get a big cut on the first $250,000.
The break only counts for a primary home. Second homes and rentals don't qualify.
The exact savings vary by county. Some areas tax homes more than others, so the relief won't look the same everywhere.
The break skips school taxes. So local governments still have to fund police, fire, and roads from what's left.
The plan also helps owners of other property. It cuts the yearly cap on tax increases from 10% to 5%.
That lower cap covers many businesses. It limits how much their tax bills can jump each year.
Cities will feel the squeeze. They have to plan around a smaller tax base.
Voters like a tax cut. But they'll want to know how cities replace the lost money.
The final call comes in November.
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