Florida's homestead exemption bill would lower property taxes: What to know

HB 7019 item is on November’s ballot and needs approval from 60% of voters.

By Steve Litz • Published June 24, 2024 • Updated on June 24, 2024 at 8:48 pm

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Homeowners in Florida may see their property taxes go down after the Republican-led state legislature passed a bill that was signed by the governor Friday.

House Bill 7019 now must be approved by voters in the form of constitutional Amendment 5, which will appear on November’s ballot.

In Florida now, homeowners are permitted to reduce by $50,000 the assessed value of their home, which in turn reduces the property tax burden. For example, the owner of a $300,000 home would pay taxes on $250,000.

John White, a homeowner with a pulse on South Florida's real estate market, said that's an incentive.

"If a tax comes in, chances are it does not go down, it stays there, or it goes up, so anytime you hear about an initiative or success in getting taxes reduced on any level is great and incentivizes people to come and be property owners in Florida," White said.

Amendment 5 would increase that $50,000 exemption, consistent with the rate of inflation. If the consumer price index is up 4%, homeowners would see a similar increase in their homestead exemption, further reducing their tax burden.

It’s the governor and state legislature's approach to inflation and Florida's skyrocketing housing costs.