State & Local Tax: Insights from Mansion Global on Florida’s Homestead Exemption Increase

Mansion Global recently published an article featuring Ken Rios, examining what Florida’s newly approved Amendment 3 means for homeowners and the broader housing market.

“On a high-value primary residence, I don’t think it makes much of an impact,” said Rios. The amendment raises the homestead exemption on the assessed value of primary homes from $50,000 to $150,000 in 2027 and $250,000 in 2028. Rios cautioned that if municipalities make up lost revenue through higher millage rates or other taxes on non-primary homes, some owners could come out behind. “The net effect is going to be county specific.”

For high-net-worth homeowners and real estate investors, savings on a primary residence may be offset by changes on second homes and investment properties. Because the exemption applies only to Florida residents as of next year, those weighing a move should also review residency timing now.

Read the full article in Mansion Global.