The idea of eliminating or reducing property taxes on homesteads via a constitutional amendment is still being kicked around in Tallahassee.
Local officials are watching the proposal and heard a presentation of what some the effects could be at this year’s Polk County Commission annual retreat this week.
Although this affects only part of the tax base involving owner-occupied homes that are claimed as a primary residence. the numbers are significant.
Based on the assumption that one of the proposals will be on the 2026 ballot, here’s what the figures look like.
If it is the proposal to provide an additional $50,000 homestead exemption, the amount of revenue for the voter-approved Environmental Lands Program would be reduced by $569.863 from the $14.4 million without the cut
However. the effect of the proposal to eliminate. all property taxes on homesteads would cause a projected loss of $3.7 million in new revenue.
So far neither of these measures has been placed on the ballot and even if some version reaches the ballot, the measure would have to be approved by at least 60 percent of voters.
This one is worth following as legislators convene a special session later this year,
Stay tuned.
