DOWNTOWN TALLAHASSEE, FL — Leon County could lose tens of millions of dollars in property tax revenue if Florida voters approve a proposed homestead exemption expansion in November, according to new estimates from the Leon County Property Appraiser's Office.
The state's plan would expand the homestead exemption to $150,000 in 2027 and $250,000 in 2028.
New estimates from the Leon County Property Appraiser's Office show the proposal could significantly reduce revenue for local governments and the services they provide. The office estimates Leon County alone could lose about $44 million in the first year and more than $26 million in the second year.
Leon County Property Appraiser Akin Akinyemi says the savings for homeowners would come with consequences for local government.
"That's going to be significant savings in terms of direct dollar that you see reductions when you get your tax bill, no doubt. But consequently, there's going to be significant impact on local government."
Akinyemi says about 56-percent of Leon County's revenue comes from property taxes and property owners should ask themselves if they are OK with that.
"Understand how will that affect me personally, meaning how much will I save? But not only that, how will that affect my local government," he said.
If the measure passes, local leaders could face tough decisions about how to make up the lost revenue, including possible changes to fees, millage rates, or local services. The county has addressed those potential changes in recent weeks.
On Wednesday, Governor Ron DeSantis signed Senate Bill 4-F into law. The legislation changes how local governments benefit from rising property values and limits the amount of additional property tax revenue they can collect. But voters must first pass the exemption plan for the law to take effect.
Akinyemi stressed his office is not taking a position on the amendment, but instead providing data to help voters understand its possible impact.
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