Picture this: it is the middle of a busy workweek and your neighbor pulls you aside with that look on his face. The look that says he just figured something out and needs to share it immediately.
“Did you hear?” he says.
“Florida is eliminating property taxes. We don’t have to pay anymore.”
He is not making it up because he read it somewhere, and he is also not entirely right.
That gap between what people think happened and what actually happened in Tallahassee this year is where a lot of financial decisions go sideways. So today I want to give you the real story, not the headline. Because the truth is more interesting than either version, and there is a meaningful planning opportunity hiding inside the noise.
What Actually Happened in Tallahassee
Let me give you a quick timeline, because it moves fast.
In February 2026, the Florida House of Representatives passed House Joint Resolution 203 (HJR 203) by a vote of 80 to 30. That is a strong margin. The proposal would have phased out the non-school portion of property taxes on homestead properties over a ten-year period, starting in 2027 and eliminating all non-school ad valorem taxes by 2037.
The Senate never voted on it. HJR 203 died in the Senate Appropriations Committee on March 13, 2026, when the regular session ended. No hearing was ever scheduled. Then, when Governor DeSantis called a special session in April, property tax reform was quietly dropped from the agenda entirely.
As of today, no property tax elimination has become law. Your August TRIM notice will look a lot like last year’s. Broward County is still collecting. The Save Our Homes cap is still in place. And your homestead exemption has not changed.
So why am I writing about it?
Because the conversation is not over, and how you position yourself in the meantime matters enormously.
Why the Senate Pumped the Brakes
The Senate’s hesitation was not random obstruction. Their concerns were real and worth understanding.
Florida’s non-school property taxes generate somewhere between $55 and $60 billion per year statewide. That money funds county fire departments, parks, libraries, roads, and water systems. Eliminating it without a replacement plan would have created multi-billion dollar revenue gaps in every county in the state.
Broward County alone depends heavily on that revenue. Cities like Weston, Pembroke Pines, and Coral Springs would have faced serious budget shortfalls. Local governments were understandably nervous, and the Senate listened.
That said, the House passed HJR 203 80 to 30. That is a signal. The political will is there, at least in one chamber. A potential summer special session could revisit this, and the November 2026 ballot remains a possible destination if legislators can find agreement. The window has narrowed, but it has not closed.
What Your Current Tax Picture Actually Looks Like
Before we talk about what might happen, let me walk you through what is actually protecting you right now.
Florida’s homestead exemption reduces the taxable value of your primary residence by up to $50,000. The first $25,000 applies to all property taxes, including school taxes. The second $25,000 applies only to non-school taxes and kicks in on assessed values between $50,000 and $75,000. For most Weston homeowners, that saves somewhere between $750 and $1,100 per year, depending on your local millage rate.
On top of that, Amendment 5, which Florida voters approved in November 2024, added an annual inflation adjustment to the second $25,000 of the exemption. The adjusted value of that second exemption for 2026 is approximately $25,722. That is a small but real additional protection.
Then there is the Save Our Homes cap. If you have claimed homestead exemption, your assessed value cannot increase by more than 3% per year, or the rate of inflation, whichever is lower. In a market like Weston, where property values have climbed significantly over the past several years, this cap is genuinely valuable. A homeowner who bought in 2018 could easily be sitting on an assessed value that is $100,000 or more below their home’s current market value. That gap represents tax savings that compound every year you stay in the home.
The Portability Benefit Most People Leave on the Table
Here is something I bring up constantly with clients who are thinking about moving within Florida, and it surprises nearly everyone the first time they hear it.
When you sell a Florida homestead and buy another one in Florida, you can transfer up to $500,000 of your Save Our Homes benefit to your new home. This is called portability, and it is one of the most underused advantages in the state.
Let’s say your current home has a market value of $700,000 but an assessed value of $450,000 because you have been building up Save Our Homes protection for years. That $250,000 gap can follow you to your next home. Instead of starting over at full market value, your new assessed value gets reduced right out of the gate.
You have three years from when you abandon the old homestead to apply for portability on the new one. Miss that window and the benefit disappears. This is the kind of thing that costs people real money simply because nobody told them about the deadline. If you are planning a move, or even thinking about one, this conversation needs to happen before you close, not after.
The Planning Opportunity Inside the Uncertainty
Now here is where I want to get practical, because there is an actual planning angle here that goes beyond watching the news.
Whether or not property tax elimination passes this year or next year, the structure of your real estate holdings matters for your overall tax picture. Business owners who hold investment property, for example, are not protected by the homestead exemption at all. Non-homestead property faces the full assessed value each year, with a 10% annual cap instead of 3%. That is a very different exposure.
For those of you who own rental properties, commercial real estate, or investment land in South Florida, I wrote earlier this year about why real estate is one of the most powerful tools in a long-term tax strategy. If you missed that piece, it is worth revisiting: Why the Wealthy Love Real Estate.
Beyond real estate structure, the broader point is this: tax law changes create planning windows. When a major change is pending or possible, the right move is not to wait and see. It is to model both scenarios, understand what changes and what does not, and make sure your current structure is ready for either outcome.
I see too many business owners who treat tax planning as a reaction to what already happened. The ones who build real wealth treat it as a strategy for what is coming. If you want a deeper look at that mindset, this piece from January still holds up.
If Property Tax Reform Does Pass, Here Is What Changes
For the sake of completeness, let’s talk about what HJR 203 would actually deliver if it eventually reaches the ballot and gets 60% voter approval.
The proposal phases out all non-school property taxes on homesteaded properties over ten years, starting in 2027. It does not touch school taxes, which typically make up about 40% of the total property tax bill.
For a Weston homeowner with a $700,000 property and a Broward County millage rate, the non-school portion of the tax bill could represent $3,000 to $5,000 per year, depending on the assessed value and specific city levies. Under full phaseout, that entire amount eventually disappears. It would not happen overnight, but it would add up quickly over the life of the plan.
A homeowner with a $500,000 assessed value could realistically see annual savings ranging from around $1,250 in the early years of the phase-in to the full elimination of non-school taxes by 2037. For someone planning to stay in their home for ten or more years, that is a meaningful number, and it is worth factoring into decisions about refinancing, renovation, or relocation.
Worth noting: the proposal does not help renters, new buyers who haven’t established homestead, or owners of commercial and investment property. The benefit is specifically designed for long-term Florida homeowners with a primary residence.
What I Would Be Doing Right Now
If you own your home in South Florida and you have not recently reviewed your property tax assessment for accuracy, that is the first place to start. Assessed values can be challenged, and many homeowners never bother. The deadline to file a petition with the Value Adjustment Board (VAB) in Broward County is typically in September, after you receive your TRIM notice in August.
Second, if you own non-homestead property in Florida, including investment properties or second homes, the upcoming ballot could affect your planning significantly. Non-school taxes on those properties are not affected by these proposals, but any major reform to how Florida funds local government could have ripple effects on millage rates and local assessments.
Third, if you are a business owner who holds real estate inside your business structure, make sure that structure still makes sense in light of both current law and potential changes. The decisions you make about how to hold property today have consequences that last years. We looked at some of those decisions in the LLC vs. S-Corp piece from earlier this year.
The Bottom Line
Florida has not eliminated property taxes. Not yet. What it has done is signal, loudly and with a strong House majority, that the direction of travel is toward significant homestead tax relief. That is worth paying attention to.
The smart move is not to assume it happens or assume it doesn’t. The smart move is to understand exactly where you stand under current law, know what would change under various reform scenarios, and structure your financial life so that either outcome works in your favor.
The people who benefit most from tax reform are rarely the ones who waited for it to happen. They are the ones who were already positioned when it did.
That applies here. The summer special session could bring property tax reform back to life. The November ballot could put it in front of voters. Or it could stall again. What should not stall is your planning.
Because understanding the tax system that governs the state you chose to live in is not just smart… it is one of the most financially meaningful things you can do with a Monday morning.
Welcome to the New Age of Accounting. Let’s begin.
P.S. If you found this article helpful, you’ll love my new book S-Corp Mastery: How Smart Business Owners Maximize Tax Savings & Build a Lasting Legacy. It’s now live and available in a sleek, easy-to-read PDF version. Grab your copy here
Chris is the Managing Partner at Weston Tax Associates, a best-selling author, and a renowned tax strategist. With over 20 years of expertise in tax and corporate finance, he simplifies complex tax concepts into actionable strategies that drive business growth. Originally from Sweden, he now lives in Florida with his wife and two sons.
