The constitutional amendment would make several changes related to property taxes in Florida.

Homestead exemption expansion: Currently, Florida homeowners who use a property as their primary residence receive two property tax exemptions: the first $25,000 of their home's assessed value is exempt from all property taxes, including school taxes, and an additional $25,000 is exempt from non-school taxes only.[1]

A homestead exemption allows homeowners who use a property as their primary residence to exempt a portion of its assessed value from property taxes, reducing the amount they owe.[1]

The amendment would expand the non-school tax exemption from $25,000 to $150,000 in 2027 and $250,000 in 2028, with inflation indexing starting in 2029. The $25,000 exemption for all property taxes would apply only to school property taxes in the future. As a result, there would be two separate homestead exemptions: a larger exemption for non-school property taxes and the existing $25,000 exemption for school property taxes.[1]

New resident phase-in period: People who move to Florida after December 31, 2026, would receive a smaller initial exemption and would have to live in the state for five years before qualifying for the full exemption.[1]

Non-homestead assessment cap: The existing 10% cap on annual assessment increases for non-homestead properties, such as rental units, vacation homes, commercial properties, and apartment buildings, would decrease to 5% starting January 1, 2027. Like the homestead exemption increase, the cap decrease does not apply to school district taxes.[1]

Limits on local government spending: Counties and municipalities would be limited to spending property tax revenue on public safety, education, infrastructure, natural resource projects, and flood control; local bonds and existing debt payments; employee retirement benefits; and the operations and administration of local government.[1]

Ability to raise exemptions further: The Legislature would be required to establish a uniform procedure allowing counties and municipalities to raise homestead exemptions beyond the constitutional minimum, up to the full remaining assessed value. Special districts could do the same through a local referendum.[1]

Legislative staff estimated the amendment would reduce local government revenue across the state by $4.6 billion in fiscal year 2027-28 and $8.4 billion in fiscal year 2028-29.

A "yes" vote supports this constitutional amendment to:

increase the homestead tax exemption for non-school taxes to $150,000 in 2027 and $250,000 in 2028, with the amount indexed to inflation starting in 2029;
provide that new residents receive a smaller exemption until they've lived in the state for five years;
decrease the cap on how much the assessed value of non-homestead properties, such as rentals and commercial buildings, can increase each year from 10% to 5%, except for school district taxes;
limit how counties and municipalities can spend property tax revenue on public safety, education, infrastructure, natural resource projects and flood control, local bonds, employee retirement benefits, and government operations; and other changes.

A "no" vote opposes this constitutional amendment to increase the homestead tax exemption; decrease the cap on how much the assessed value of non-homestead properties can increase; and limit how counties and municipalities can spend property tax revenue.