DeSantis' property tax measure would strip power from local governments

TALLAHASSEE — Florida lawmakers are weighing Gov. Ron DeSantis' proposal to drastically cut homeowners' property taxes, impose a state-approved formula for future assessments, and dictate how local dollars are spent. The Save Our Homes from Excessive Property Taxes resolution would appear on the November ballot if approved by at least 60% in both chambers and 60% of voters. The measure would cap a homestead exemption at up to $250,000 and limit how much local governments can raise tax rates on non-homesteaded properties, potentially totaling a $10 billion revenue loss in the first two years, according to the Florida Association of Counties. It would require creation of a uniform process for adjusting assessed values and moving toward zeroed valuations, effectively eroding the local tax base and forcing annual appeals to Tallahassee for funding. Critics warn the change could dramatically shift financial power from local governments to the state, while supporters argue it would deliver substantial savings to homeowners and simplify taxation.