08/25/2026
Florida already has one of the most favorable tax setups in the country.
A ballot measure this November could make it even more aggressive.
Florida has no state income tax, a status it's held for decades. On top of that, the state is sitting on strong financials right now.
Governor Ron DeSantis's signed 2026-27 budget includes record reserves, between $16.75 and $18 billion depending on how you count it, along with a fourth consecutive year of reduced state spending and continued paydown of legacy debt.
Now Florida voters have a bigger decision in front of them. In June, the state Legislature passed a proposal called the "Save Our Homes from Excessive Property Taxes" amendment, and it heads to the ballot on November 3, 2026.
If at least 60% of voters approve it, the homestead exemption on primary residences would jump from $50,000 to $150,000 in 2027, then up to $250,000 in 2028, adjusted for inflation after that.
To be clear about what this actually is. This isn't full elimination of property taxes. It's a significant expansion of the exemption, meaning less of your home's value gets taxed, not zero taxation.
DeSantis has said his longer term goal is eliminating homestead property taxes entirely, but there's no concrete plan or timeline for that beyond this initial step.
There's real debate over how this gets paid for. Supporters argue continued population growth will offset the lost revenue as new residents buy homes at standard rates.
Critics point out Florida's population growth has actually slowed significantly in recent years, and local leaders, including Tampa's mayor, have raised concerns that essential services like police and fire, which draw heavily on property tax revenue, could face cuts if the state's surplus doesn't fully cover the gap long term.
Whatever side of this you land on, it's a genuinely consequential vote. If it passes, this would be one of the largest changes to Florida's tax structure in state history.
