Florida Gov. Ron DeSantis has called for a special session of the state legislature during the week of June 1 to consider a constitutional amendment on residential property tax relief.
In announcing the special session, DeSantis also presented his “Save Our Homes from Excessive Property Taxes” proposal that seeks to increase the homestead exemption while setting up a schedule that will result in the full elimination of property taxes through general law.
Under the governor’s plan, the first $250,000 of a homestead’s value is exempt from taxation and will be subject to a schedule for full elimination. Any person who establishes Florida residency after Jan. 1, 2027, must maintain a state residency for up to five years prior to receiving the increased homestead exemption.
The proposal requires local governments to use remaining property taxes solely for core public needs including public safety, education and schools, infrastructure, and natural resources. The proposal also limits future property tax assessments on businesses while establishing a trust fund to provide grants to local governments to continue financing their local services.
“Property tax revenue collected by local governments has nearly doubled in the past seven years and is expected to reach an astounding $83 billion by 2032,” said DeSantis in a statement. “Florida homeowners need relief. Now is the time to stand up for taxpayers, enact a historic reform, and save the home of every Floridian.”
0 Comments