According to a 2024 Redfin Analysis, median monthly property tax bills in Tampa have surged approximately 57% since 2019.
The Florida Legislature voted Tuesday to place a sweeping property tax measure on the November 2026 ballot that could dramatically reduce property tax bills for the majority of the state’s primary homeowners.
House Joint Resolution 1F (HJR 1F)—also known as “Save Our Homes from Excessive Property Taxes” passed 75–26 in the House and 30–9 in the Senate during a special session in Tallahassee. To take effect, the constitutional amendment must secure 60% voter support in November.
Under the proposal, Florida’s existing $50,000 homestead exemption would rise to $150,000 on January 1, 2027, and increase again to $250,000 on January 1, 2028.
Note: The larger exemption applies only to non-school taxes. School funding is still calculated on your home’s full value, exactly as it is today — so this amendment does not reduce the money schools receive from property tax.
For homeowners who already hold a homestead exemption as of December 31 2026, the expanded benefits would apply automatically. No new filing is required beyond the standard county property appraiser application already on record.
People who establish a new homestead after 2027 must hold Florida residency for five years before the full expanded exemption applies to them.
For investors and 2nd home owners the measure also lowers the annual assessment cap on non-homestead properties, including investment homes and commercial real estate, from 10% to 5%.
The 30-year fixed-rate mortgage averaged 6.52% this week. Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, homebuyers are looking past the short-term rate fluctuations and actively entering the market, signaling renewed confidence in homeownership opportunities.
The 30-year fixed-rate mortgage averaged 6.52% as of June 11, 2026, up from last week when it averaged 6.48%. A year ago at this time, the 30-year FRM averaged 6.84%.
The 15-year fixed-rate mortgage averaged 5.84%, up from last week when it averaged 5.79%. A year ago at this time, the 15-year FRM averaged 5.97%.
