What Florida's property tax overhaul could cost local governments
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Tampa Bay governments stand to lose hundreds of millions in tax collections if property tax changes advancing in the Legislature become law, according to a report by the Florida Policy Institute (FPI).
Why it matters: The House has added three of those amendments to its calendar for floor votes, with HJR 203 up first, on Thursday.
🔎 Zoom in: Here's a look at what's on the table.
- HJR 203 would phase out non-school property taxes on permanent primary residences between 2027 and 2037, adding $100,000 in homestead exemptions each year until they're gone.
- HJR 209 would increase the existing homestead exemption of $25,000 by $200,000 for those with comprehensive homeowners insurance. About 83% of homeowners would qualify, per FPI.
- HJR 213 would shift property tax assessments by counties and cities from annual to every three years, with increases capped at 3% for primary residences and 15% for other properties.
By the numbers: Of the three, HJR 203 carries the steepest price tag — about $13.3 billion a year in recurring losses for local governments statewide, according to the report.
- Hillsborough County would see $965 million in recurring losses, with Pinellas County at $673 million.
- HJR 209 would result in $8.6 billion in recurring losses statewide; Hillsborough would lose $645 million, and Pinellas $446 million.
- HJR 213 would be the least costly of the three at $5.3 billion statewide, with Hillsborough losing $445 million and Pinellas $197 million.
Between the lines: FPI acknowledged in its report that the resolutions would result "in reduced property taxes for some homeowners who are struggling to afford the basics."
- But it would also come at a cost to low- to moderate-income households because local governments may cut services or increase "other more regressive taxes" to offset revenue losses.
What's next: Should the House pass the amendments, they would go to the Senate, which could assign them to committees or let them die.