Florida voters appear poised to approve the overhaul to homestead exemption on non-school property taxes.
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OKEECHOBEE- Florida voters appear poised to approve the overhaul to homestead exemption on non-school property taxes.
Amendment 3 won about 62% of the vote statewide, clearing the 60% supermajority required for constitutional amendments. Locally, the amendment received 67.74% of the vote in Okeechobee County.
Gov. Ron DeSantis proposed it in late May as a first step toward phasing out property taxes on homesteaded homes, and lawmakers approved it for the ballot on June 2 during a special session.
Under the amendment, the homestead exemption on primary residences would rise from $50,000 to $150,000 in 2027 and to $250,000 in 2028, then adjust each year with the Consumer Price Index. Residents who move to Florida after Dec. 31 would wait five years to qualify. For non-homestead properties, the cap on annual assessment increases would drop from 10% to 5%.
The state's Revenue Estimating Conference projected in June that Florida local governments would lose $12 billion a year by early next decade. By 2031-32, Okeechobee County would forgo roughly $12 million a year in non-school property tax revenue.
