DeSantis proposes higher homestead exemption plan

Gov. Ron DeSantis is proposing a constitutional amendment that would raise Florida’s homestead exemption and eventually eliminate property taxes for most homeowners who live in their homes. The plan would increase the exemption to $150,000 in 2027 and $250,000 in 2028, with lawmakers directed to create a schedule to raise it to $500,000 and phase out homestead property taxes for an estimated 92% of eligible homeowners. The proposal also would reduce local property tax assessments on small businesses from 10% to 5%. Local governments have warned the plan could reduce revenue for services, such as schools, police, fire, roads and parks. The measure would need 60% approval from the Legislature and voters.