Florida's proposed property tax amendment, informally called "Save Our Homes from Excessive Tax", is generating a lot of buzz among 55+ homebuyers, and for good reason. If it passes, it could put real money back in your pocket every year. But before you move on a purchase, there are some important details worth understanding.
What is the "Save Our Homes from Excessive Tax" amendment?
This proposed Florida constitutional amendment is scheduled for a public vote on November 3, 2026. To become law, it needs at least a 60% "yes" vote, a higher threshold than a typical ballot measure. Nothing is guaranteed until that vote happens.
The amendment targets Florida's homestead exemption, which currently shields the first $50,000 of a primary residence's assessed value from certain property taxes. If voters approve it, that exemption would rise to $150,000 in 2027, then to $250,000 in 2028 and each year after.
How much could you actually save?
The estimated annual savings for primary homeowners is around $2,000 per year. Buy before 2027 and the amendment passes, and you could realistically accumulate roughly $10,000 in savings over five years. That's not pocket change when you're budgeting for retirement.
Quick facts: Florida's proposed homestead exemption increase
- Current exemption: first $50,000 of assessed value
- Proposed exemption in 2027: $150,000
- Proposed exemption in 2028 and beyond: $250,000
- Estimated annual savings: ~$2,000 per primary homeowner
- Estimated 5-year savings: ~$10,000
- Vote date: November 3, 2026
- Required to pass: 60% yes vote
- Applies to: primary residences only, not rentals or second homes
The fine print: what the amendment doesn't tell you
The amendment is projected to reduce Florida's overall tax revenue by roughly $12 billion. That's a substantial hole in local government budgets, and counties and municipalities will need ways to fill it.
One likely outcome is increases in non-ad valorem assessments, things like fire assessments, stormwater fees, and other service charges not tied to your home's value. These fees aren't covered by the homestead exemption, so your actual out-of-pocket costs could rise even as your property tax bill shrinks. Keep that in mind when projecting your retirement housing budget.
The amendment also proposes cutting the non-homestead assessment cap from 10% to 5%, which affects investment properties and second homes, worth knowing if you're holding property elsewhere.
Should you rush to buy before 2027?
This is the most important question, and the honest answer is: no.
Buying a home in a 55+ active-adult community is one of the biggest decisions you'll make in retirement. Making a hasty purchase to chase a tax benefit that hasn't passed yet is a risky move. The amendment still needs that 60% threshold, and there's no guarantee it gets there.
That said, if you were already planning to buy in late 2026 or early 2027, it may make sense to shift your timeline to summer or fall of 2026. Buyers typically have more negotiating leverage in those months before snowbird season kicks in. You'd be positioned to benefit from the amendment if it passes, without sacrificing your ability to negotiate a fair price or take the time to find the right community.
Why the right agent and community matter more than timing
No tax savings will make up for landing in the wrong community or working with an agent who doesn't know 55+ real estate. Active-adult communities have HOA structures, amenity fees, deed restrictions, and lifestyle considerations that differ meaningfully from standard residential purchases. A specialist matters.
Tour communities in person and on video, ask detailed questions about total monthly costs, and make sure the lifestyle actually fits what you're looking for. A $2,000/year tax break won't offset years of living somewhere that doesn't feel like home.
What to do right now
If you're researching 55+ communities in Florida, now is a good time to get organized, not rushed. Build your shortlist of communities, understand the full cost picture including HOA fees and assessments, and watch how the November 2026 vote develops. The amendment is a meaningful piece of the financial puzzle, but it's one piece.
When you're ready to get serious, create your free Explore55Plus account. Our AI matches you to 55+ communities that fit your budget, lifestyle, and must-haves, and gives you a personal match score so you can see at a glance which communities deserve a closer look. Save the ones you like to your shortlist, then compare them side by side in the Decision Matrix so you can decide with real confidence.