Florida Gov. Ron DeSantis signed a new bill into law that will pave the way for the property tax relief being promised in a November ballot referendum.
The new law, SB 4-F, was approved in a recent special session of the state legislature that also approved a ballot referendum for cutting property taxes statewide. While the referendum would change the state constitution, SB 4-F is designed as the implementation bill for the amendment if it meets the 60% approval level by voters for passage.
SB 4-F will also update how local governments can determine the maximum property tax rate, removing the automatic “income-growth” process tied to the state’s per-capita income to a simple majority vote. The new law also puts forth higher approval thresholds for local governments looking to raise property taxes, including millage rates up to 110% of the rolled-back rate requiring a two-thirds vote and millage rates above 110% of the rolled-back rate requiring either a unanimous vote, three-fourths vote for larger governing boards, or voter approval through a referendum.
“Florida has reduced its budget for four straight years and has demonstrated fiscal responsibility and respect for taxpayers,” said DeSantis. “Now, we are stepping in to protect taxpayers from taxes at the local level.”
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