Florida Legislature Clears Historic Amendment to Raise Homestead Exemption to $250,000 by 2028

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Florida's legislature has cleared a historic constitutional amendment that could raise the homestead exemption to $250,000 by 2028, eliminating most homeowners' property taxes. If voters approve Amendment 3 on November 3, the homestead exemption would increase from the existing $50,000 to $150,000 on January 1, 2027, and rise to $250,000 one year later in 2028.

However, timing matters for relocators. The increased exemption will only apply to Florida residents with homestead property by December 31, 2026; if you are not a Florida resident with qualifying homestead property by that date, the increased exemption applies beginning with the fifth year of your exemption.

The expanded exemption would not apply to school district taxes. The proposal also would reduce the annual assessment-growth cap on non-homestead property from 10% to 5% for non-school levies.

**What it means for you:** If you're relocating to the Treasure Coast and establish permanent Florida residency by December 31, 2026, you could lock in the new higher exemption immediately upon purchase, potentially saving thousands annually on non-school property taxes beginning 2027—but you must act before year-end to qualify. Those arriving after January 1, 2027 face a five-year waiting period for the full benefit. The amendment requires 60% voter approval.