GADSDEN COUNTY, FL — Florida's homestead exemption is a property tax break that reduces the taxable value of a primary residence, helping lower the amount homeowners owe each year.
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Lawmakers are now backing a proposal that would expand that exemption if approved by voters in November.
Real estate agent Chrissy Arnold-Shorter said the change could have a significant impact for many homeowners.
"The elimination of the property taxes… from my understanding the $250,000 the homestead would be increased to. So at 250,000 and under that means that people will not necessarily from my understanding owe any more property taxes. So when their home's mortgages are paid off then they actually really do own the properties."
Supporters say expanding the homestead exemption could help ease the burden on homeowners dealing with rising housing and insurance costs.
But critics say local governments depend on property tax revenue to fund essential services.
Arnold-Shorter said the unknowns surrounding the proposal are cause for concern.
"What we don't know yet is what other services will be increased to accommodate for the elimination of the property taxes. And that is the scary part."
Beyond the ballot question, the proposal is also prompting conversations in real estate offices and among homeowners who are trying to figure out what their tax bill could look like in the coming years.
The proposal is expected to appear on the November ballot, where Florida voters will decide whether to approve the change.
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