Florida voters approved sweeping property tax cuts in Tuesday’s election, a change expected to put pressure on funding for local governments. Amendment 3, developed by outgoing Governor Ron DeSantis, increases the homestead exemption—the portion of a primary residence’s value that is not taxed.
The exemption will rise from $50,000 to $150,000 in January. By 2028, it is set to reach $250,000 and then increase in line with inflation. The amendment does not apply to school board taxes.
Sources: Bloomberg Markets.