Overview
- Lawmakers placed a constitutional amendment on the Nov. 3 ballot that phases the homestead exemption to $150,000 in 2027 and $250,000 in 2028 while lowering the annual assessment cap on non‑homestead property to 5%.
- State economic estimates released last week show local governments could lose about $5 billion in the first year and grow to nearly $12 billion annually within five years if voters approve the measure.
- An activist group filed a lawsuit this month challenging the ballot title and summary as biased and misleading, which could require the attorney general to rewrite the language before ballots are finalized.
- Local leaders, including Tampa Mayor Jane Castor, say the projected revenue shortfalls could force steep cuts, new fees, or higher millage rates that would shift costs to renters and non‑homestead owners.
- Key implementation questions remain unresolved, including whether the state will provide any backstop or a trust fund to replace lost revenue and how smaller, homestead‑heavy counties would manage bond ratings and services.