Florida’s Proposed Property Tax Constitutional Amendment (Appearing on the November 2026 Ballot)

A proposed constitutional amendment was passed by both chambers of the Florida Legislature during a special session today. The measure will appear on the November 2026 general election ballot and requires 60% voter approval to pass. If approved, it would dramatically expand homestead exemptions, lower assessment caps on commercial properties, impose residency requirements for new residents seeking higher exemptions, and restrict how local governments may spend property tax revenue.

If passed, the amendment would impose the following changes to Florida’s tax structure: 

Expanded Homestead Exemptions: The current homestead exemption of $50,000 would increase to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments thereafter.

Commercial Property Protections: The annual assessed value growth cap on non-homestead properties (such as commercial and rental) would be reduced from 10% to 5%.

Residency Requirement: New Florida residents must live in the state five consecutive years to qualify for higher exemption tiers (a $50,000 exemption remains available immediately). Local governments may shorten this timeline starting in 2030 with two-thirds approval.

Spending Restrictions: Property tax revenue would be constitutionally limited to essential functions: law enforcement, fire, emergency services, schools, infrastructure, environmental management, debt service, pensions, and government operations.

Florida local governments and school districts currently rely on approximately $60 billion in annual property tax receipts (up from $35.7 billion six years ago). Without a state income tax, these revenues are critical for essential services including police, fire, roads, parks, libraries, and public health.

Accordingly, local governments will be watching this ballot initiative closely to determine impacts on their general budget revenues. For questions regarding how these changes may impact your business, please contact Lowndes attorneys Rebecca Wilson, Tara Tedrow, Brendan Lynch or Erik Clifton.