Florida property tax proposal aims to attract new residents

Florida Gov. Ron DeSantis is backing a proposal that would sharply raise the state’s homestead property tax exemption, a move supporters say could help Florida compete with Texas and other lowtax states for new residents. The plan would lift the exemption from $50,000 to $150,000 in 2027 and then to $250,000 in 2028 if voters approve a constitutional amendment. Supporters argue the change could reduce tax bills for many homeowners and make Florida more appealing to retirees, families and businesses. The proposal comes as states across the South continue to draw people from highertax parts of the country. But analysts warn the measure could reduce local government revenue by more than $8.4 billion a year, creating pressure to find replacement funding for schools, roads and other services. The amendment would need support from at least 60% of voters to take effect.