A plan to phase out property taxes for Florida homeowners will be hashed out in a special session next week.
Lawmakers will convene Monday to discuss a proposal put forth by Gov. Ron DeSantis that would exempt the first $250,000 of a homestead’s value and create a plan to phase out property taxes on homesteads entirely.
“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,” the governor said. “Florida homeowners need relief. Now is the time to stand up for taxpayers, enact a historic reform, and save the home of every Floridian.”
The proposal requires local governments to continue funding core services including public safety, education, schools, infrastructure and natural resources. It would also establish a trust fund to provide grants to local governments to help with keeping core local services funded.
Final approval must come from the voters. Legislators will spend next week’s special session working to put the proposal on the November ballot as a joint resolution.
“I commend Governor DeSantis for starting what has been a robust discussion on property tax relief throughout our state and to our partners in the Florida House for putting forward several meaningful and thoughtful proposals,” said Senate President Ben Albritton. “Private property rights are fundamental to the American way of life. Respect for private property and protecting private property from the government has been a cornerstone of our democracy from its inception.”
DeSantis’ proposal would require homeowners to establish Florida residency for up to five years before they can receive the increased homestead exemption.
Albritton said his goal is to pass “straightforward and substantial” property tax relief.
“I can’t think of a more meaningful way to celebrate America’s 250 than the passage of $250,000 in tax relief for every Florida homeowner. I believe this amendment will provide meaningful relief for Florida families, while protecting businesses from extreme tax increases and safeguarding local funding for public safety, education and our clean water infrastructure,” said Albritton.
Property tax revenue in Florida has skyrocketed from $32 billion to $60 billion over the past seven years, according to the governor’s office.
Aside from property tax relief for homeowners, the proposal would limit future property tax assessments on businesses.
The Committee on Appropriations will consider the joint resolution Monday with a floor discussion anticipated for Tuesday and possibly Wednesday, according to Albritton
