Florida homeowners, investors, and business owners could soon see major changes to the state's property tax system.

The Florida Legislature has approved House Joint Resolution 1-F (HJR 1-F), a proposed constitutional amendment that will appear on the November 2026 ballot. If approved by at least 60% of Florida voters, the amendment would significantly expand homestead exemptions, provide additional protections for non-homestead properties, and create a framework for future property tax reductions.

One of the most notable provisions is the proposed increase in Florida's homestead exemption. Beginning January 1, 2027, the exemption for the non-school portion of property taxes would increase to $150,000. On January 1, 2028, it would increase again to $250,000 and then be adjusted annually based on inflation.

The proposal also introduces a new provision for homeowners who become permanent Florida residents after December 31, 2026. These homeowners would receive a five-year homestead exemption on the first $50,000 of assessed value before becoming eligible for the full homestead exemption available to long-term Florida residents.

For commercial properties and other non-homestead properties, the amendment would reduce the current annual assessment increase cap from 10% to 5% beginning January 1, 2027. This change could provide greater predictability and tax relief for property owners and businesses.

Additionally, the amendment requires counties and municipalities to prioritize property tax revenues toward essential government services, including public safety, infrastructure, flood control, employee retirement obligations, debt repayment, and general government operations.

The proposal also lays the groundwork for future property tax relief efforts. Local governments and school districts would participate in a statewide process to evaluate additional property tax reductions, potentially including complete elimination in certain circumstances. Special districts would also have the option to provide additional property tax relief with voter approval.

Because this is a proposed amendment to the Florida Constitution, it does not require the governor's signature. The final decision will rest with Florida voters in the November 2026 General Election, where the measure must receive at least 60% approval to become law.

As property taxes continue to be a major concern for homeowners across Florida, this amendment could have a significant impact on property ownership costs throughout the state. Homeowners should pay close attention to this proposal as it moves toward the November ballot, as the outcome could shape Florida's property tax landscape for years to come.

Source: "Property Tax Amendment Heads to Voters" Florida Realtors®, 2026.

Disclaimer: The information provided is for general informational purposes only and is based on proposed legislation that has not yet been approved by Florida voters. The details of the amendment are subject to change, and individual circumstances may vary. Property owners should consult with a qualified tax professional, attorney, or financial advisor regarding how these potential changes may affect their specific situation.