Florida Property Tax Cuts Would Help Homeowners But Hurt Revenue

State and Local Tax (SALT) attorney Logan Gans and Private Wealth Services attorney Michael Castillo co-authored an article for Bloomberg Tax analyzing a proposed amendment to reduce property taxes in Florida. Titled "Save Our Homes from Excessive Property Taxes," the amendment would raise the threshold for the homestead exemption for non-school district levies to the first $150,000 of assessed value in 2027, $250,000 in 2028 and annual inflation-dependent increases in 2029 and after. In addition, it would reduce the maximum annual increase in non-school assessments for certain non-homesteaded properties to combat concerns about millage rates. As the authors explain, these changes would provide substantial relief to homeowners and property owners already facing a combination of rising property values and costs of living, coupled with nationwide inflation. However, Mr. Gans and Mr. Castillo caution, the amendment also brings questions for local governments, particularly around maintaining core services with less revenue and fewer fiscal resources. Their article outlines both what the proposal would bring if approved by voters in November and how it could affect state and local revenue and government services.

READ: Florida Property Tax Cuts Would Help Homeowners But Hurt Revenue