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Florida Property Tax Exemption FAQ: Key Deadline and Implications for Buyers
Florida voters will decide in November 2026 on a constitutional amendment to raise the homestead exemption from $50,000 to $250,000 by 2028. However, buyers must close before January 1, 2027, to qualify immediately; otherwise, they may face a five-year wait for the full exemption.
It is a constitutional amendment (HJR 1F) that would increase the homestead exemption from $50,000 to $150,000 in 2027 and $250,000 in 2028, potentially eliminating property taxes on the non-school portion for about 60% of homesteaded homeowners.
If you purchase and occupy a home as your primary residence after January 1, 2027, you may have to wait up to five years to qualify for the full new exemption. To benefit immediately, you must buy before that date.
No, it applies only to homesteaded primary residences. Investment properties, second homes, and rentals do not qualify and may face higher taxes as the tax burden shifts to non-homesteaded properties.
The vote will take place in November 2026, and the amendment requires 60% approval to take effect.
Landlords of non-homesteaded rental properties may face higher taxes, which could be passed on to renters through increased rent.
The current exemption is $50,000.
Local governments would lose over $8.4 billion per year statewide.
First-time buyers, people relocating to Florida, and current Florida homeowners who sell and buy a new primary residence after January 1, 2027, may have to wait five years for the full exemption.
They should purchase and close on a home before January 1, 2027, even though the vote hasn't happened yet, to ensure eligibility upon passage.