Florida homeowners could get tax relief but newcomers face restrictions

Florida lawmakers have advanced a constitutional amendment aimed at providing significant property tax relief through a phased increase in homestead exemptions. If approved by voters, the initiative would raise the exemption from $50,000 to $150,000 in 2027 and to $250,000 in 2028, potentially eliminating non-school property taxes for many homeowners. The measure also proposes reducing the annual assessment increase cap on certain properties from 10% to 5%, with the goal of attracting residents fleeing high-tax states and alleviating affordability concerns.

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