Speaker Perez Announced Select Committee on Property Tax Reform

Today, the Florida House announced the creation of the Select Committee on Property Taxes to review and propose reforms aimed at reducing the financial burden of property taxes on Florida homeowners.

• Objective:
  To explore innovative solutions and recommend reforms that could be decided by voters via constitutional amendment at the next general election.

• Representative Toby Overdorf and Representative Vicki Lopez will serve as Co-Chairs.

• Initial Reform Ideas:

  • Require every city, county, and special district to hold a referendum on eliminating property taxes for homestead properties.

  • Create two new homestead exemptions:

    • $500,000 exemption for general homeowners (non-school taxes only).

    • $1 million exemption for homeowners 65+ years old or who have owned a homestead for 30+ years (also non-school taxes).

  • Authorize the Legislature to increase the homestead exemption to any value by general law.

  • Assessment Caps:

    • For homestead properties: limit assessed value increases to a flat 3% over three years (for all taxes).

    • For non-homestead properties: cap assessed value increases at 15% over three years (for all non-school taxes).

  • Foreclosure Protection:
    Propose eliminating foreclosure due to property tax liens on homestead properties.

• The Select Committee will hold its first meeting on Thursday, May 1st, 2025.