House committees advance Florida property tax-cut proposals

Two property-tax proposals advanced in Florida’s House committees. One proposal would require voter approval and would phase out non-school homestead property taxes over roughly a decade by gradually increasing the homestead exemption (with the ballot measure requiring 60% voter approval if it reaches the ballot). The second proposal would slow how fast taxable values can rise: for homesteaded property, it would cap increases to 3% over three years (instead of up to 3% each year), and for non-homesteaded property, it would cap increases to 15% over three years (instead of up to 10% each year). The piece also notes concerns that reducing these revenues could affect local services or shift costs to other taxpayers, while supporters argue the phase-in/caps provide predictability and time to adjust. For more information click here.