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On June 1, the Florida Legislature convened in a special session to consider the property tax reform proposal outlined by Governor DeSantis late last week. Prior to legislative committee meetings, a legislative staff analysis estimated that the Governor's proposal could impact local government revenues by more than -$8 billion (at least -$3.4 billion school taxes and -$4.6 billion non-school) in the next fiscal year and more than -$14 billion (at least -$5.6 billion school taxes and -$8.4 billion non-school taxes) once fully implemented.
However, House Joint Resolution 1F and Senate Joint Resolution 2F were both amended in committees to remove the impact to school taxes. This means if the Constitutional Amendment is approved by voters in November, the new homestead tax exemptions ($150,000 in 2027 and $250,000 starting in 2028) would only apply to county, city, and special district taxes. School funding would not be impacted.
Additionally, both the House and Senate amended the joint resolutions to clarify and expand the allowable uses for county and city ad valorem tax revenues and to remove the creation of the Governor's proposed Trust Fund. Both joint resolutions continue to provide that new residents to Florida must wait five years before receiving the enhanced homestead exemption. The proposals also continue to include a reduction of the nonhomestead annual assessment limitation from 10% to 5%.
The joint resolutions and their implementing legislation are expected to be considered on the House and Senate Floor the morning of June 2nd.
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