There’s no denying it: Florida homeowners are fed up with property taxes.
Tax bills have gotten so high that more than 66% of Floridian voters passed a ballot measure aimed at increasing their property tax break. Amendment 5 would tie the state’s homestead exemption to the annual national inflation rate.
Currently, Florida homeowners can get a property tax break of up to $50,000 of their home’s assessed value. By tying the homestead exemption to the nation’s Consumer Price Index (CPI), if inflation goes up annually — so does your exemption.
The measure comes as Floridians have seen property taxes spike nearly 60% within five years. Pandemic boomtowns such as Jacksonville, Tampa, and Miami registered the largest increase, a report by real estate brokerage Redfin found.
The measure is expected to impact an average of 4.3 million households each year. Still, some analysts are concerned about its effect on the state’s funding.
