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Florida property tax plan: Counties work to understand scope of impact with potential losses in the millions

Florida Association of Counties predicts county would face revenue loss of $523 million in 2028

WPTV

By: Matt Sczesny

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WEST PALM BEACH, Fla. — Government officials are working to assess the impact of the new property tax reform referendum that would raise the homestead exemption and lower property tax bills.

"We're looking to our administrator who's also working with the Office of Management and Budget to determine what impact it will have," Palm Beach County Commissioner Bobby Powell said.

WATCH BELOW: Florida property tax plan: What it means for Palm Beach County

Florida property tax plan: What it means for Palm Beach County

A recent study from the Florida Association of Counties offered up estimates of the potential losses:

Palm Beach County - $280 million in 2027-28, $523 million in 2028-29
Martin County - $50 million in 2027-28, $93 million in 2028-29
St. Lucie County - $80 million in 2027-28, $140 million in 2028-29
Indian River County - $32 million in 2027-28, $57 million in 2028-29
Okeechobee County - $4 million in 2027-28, $7 million in 2028-29

"If there's a cut when it comes to property taxes, there's going to be some real shortfalls, some real challenges and some revenue is going to have to be made up somewhere," Powell said.

Powell, like all other local officials, is restricted by the state from speaking out against or endorsing the referendum.

However, he can offer educational information about the referendum and says options like finding new revenue and budget cuts are a possibility.

"We don't know if it will be an increase in sales tax, we don't know if it will be an increase in user fees for other services, we don’t know right now," Powell said.

The savings for homeowners can vary from the hundreds to the thousands, depending on the county and city and the assessed value of a home.

Republican lawmakers, including Gov. Ron DeSantis, contend local governments are taking in too much tax revenue and spending too much.

The referendum to raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028 will be decided by voters in November.

"This is more of a break for the struggling family that is in a $300,000 home and working several jobs to make sure ends meet," state Rep. Toby Overdorf, R-Stuart, said. "I’m happy that we have a proposal out to the voters, they can make a decision with it."

In Palm Beach County, it's estimated that over half of the properties have the homestead exemption, higher than the state average of 47%.

This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

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