Florida's Tax Proposal: $150K Homestead Exemption by 2027

What changes are coming to Florida's property tax landscape? A proposed tax measure could raise homestead exemptions on non-school levies to $150,000 in 2027 and $250,000 in 2028, potentially eliminating non-school tax bills for about 60% of homesteaded properties by 2028. Rapid home price appreciation and significant population growth have already increased Florida tax bills and escrow funds. Servicers will need to carefully assess loan locations and homestead eligibility as well as the impact of these changes on affected levies. If voters approve the measure in mid-Q4, servicers may need to adjust their valuation assumptions, reserves, and conduct off-cycle escrow reviews early in 2027.

Understanding these adjustments is crucial for servicers to optimize their operations and ensure compliance with the evolving tax landscape in Florida.

For expert insights on the Orlando real estate market, connect with Gihan awad, REALTOR® at LaRosa Realty Central Florida.