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LiveinBoca.com News Update

Governor Ron DeSantis has introduced a calculator for homeowners to estimate potential savings on property taxes if his tax-cut plan gets approved.

On Wednesday, the governor revealed his plan for a constitutional amendment on the November ballot to lower taxes by significantly increasing the homestead exemption from $50,000 to $250,000 by 2028. Local governments would also gain the authority to raise the exemption.

A “Calculator,” launched on Saturday at saveourhomesfl.com, shows the estimated 2025 property tax bill, potential tax bill with the new exemption, and annual savings.

The “Calculator” also estimates extra savings if further relief is approved for properties valued up to $500,000.

The Governor’s proposal must first get 60 percent approval from the Legislature and then secure at least 60 percent support from the electorate in November.

The calculator aims to rally support and counter criticisms about its impact on local finances. The state has earmarked over $5 million to promote the Save Our Homes website and calculator.

While critics argue local governments could lose billions in revenue, risking funding for schools, fire departments, and public services, or even leading to new fees for amenities like parks, the governor dismisses these concerns, claiming the plan will compel local governments to use taxpayer money more efficiently. He intends to limit how property taxes are spent to "core services."

The Plan, if approved, impacts homeowners who purchase their homesteaded properties BEFORE January 1, 2027! New homeowners will have a 5-year waiting period before they can avail themselves of the property tax benefits.