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Property Reform Tax First Step
Florida lawmakers approved a property tax proposal for Homestead property owners pushed by Gov DeSantis, sending it to the November ballot: If the measure is passed by the Florida voters, the homestead property tax exemption will increase from $50,000 to $150,000 in 2027, and up to $250,000 in 2028. It also reduces the non-homestead property assessment increase limitation from 10% to 5% per year. The amendment excludes school taxes to protect school funding.
The FL House voted 75-26 on the ballot measure, and the FL Senate voted 30-9. The constitutional amendment (HJR 1F) needs 60% support from voters to take effect January 1, 2027.
Bay County sends roughly 18% - 20% of its overall annual ad valorem (property) tax collections to the Front Beach Road Community Development Agency (CRA) - the county's Tax Increment Financing (TIF) contribution is calculated using a set millage rate of 4.4362 mills.
The FL House voted 75-26 on the ballot measure, and the FL Senate voted 30-9. The constitutional amendment (HJR 1F) needs 60% support from voters to take effect January 1, 2027.
Bay County sends roughly 18% - 20% of its overall annual ad valorem (property) tax collections to the Front Beach Road Community Development Agency (CRA) - the county's Tax Increment Financing (TIF) contribution is calculated using a set millage rate of 4.4362 mills.
