Florida Gov. Ron DeSantis is pushing a proposal that could reduce property taxes for many homeowners across the state.
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The proposal, announced Wednesday, would increase Florida’s homestead exemption from the current $50,000 to $250,000. If approved by voters, lawmakers would also be required to create a plan to eventually raise the exemption to $500,000.
The proposal could appear on the November ballot, but first it must receive approval from at least three-fifths of both the Florida House and Senate.
For many homeowners, the proposal could mean significant savings.
“It’s a rough time right now, and everything is so high, and people can’t even live right now,” homeowner Wanda Chamber said. “I think they should do away with it.”
“We pay off the house, and then we literally rent it from the government from that point on,” another resident said.
According to Broward County Property Appraiser Marty Kiar, his office conducted an analysis examining how the proposal could affect Broward County homeowners.
The analysis found the initial exemption increase could save the average Broward County homeowner about $4,129 annually, while nearly 189,000 homeowners in the county would pay no property taxes at all.
If the exemption eventually rises to $500,000, Broward County homeowners receiving the full exemption could save as much as $9,000 per year.
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Still, local officials and homeowners warn that the plan could significantly reduce funding for local governments that rely on property tax revenue to pay for services and infrastructure.
“My thoughts are that if the city and the county won’t get funding, they won’t be able to provide for roads or infrastructure,” homeowner Robert Bullen said. “They’re not going to have that money.”
Bullen said he supports continuing to pay property taxes if the money maintains parks, recreation centers, and infrastructure.
“I mean, if the parks that we have around are kept up by those tax dollars, I agree that we should continue to pay them,” he said. “Who’s going to pay for them?”
The financial impact would vary by community, according to Kiar’s analysis.
For example, the city of Pembroke Park, which has fewer residential residents, could lose about 1.2% of its property tax revenue. But Cooper City, which is mostly residential, could lose roughly 34% of the taxes they collect.
“When you amend the Constitution, you’re basically saying this is how we want the law to be forever,” Kiar said. “That’s why it’s exceptionally important that people are provided with as much information as possible.”
According to DeSantis, the proposal would include some funding protections for essential services such as schools and emergency response agencies. The governor also said grants for local governments could help offset losses during the transition.
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