Florida's $250,000 Homestead Exemption: What Palm Beach County Seniors Need to Know Before November
On June 2, 2026, the Legislature sent the biggest property tax change Florida has seen in a generation to the November ballot. If voters approve it, the homestead exemption phases to $250,000 by 2028 — and for many long-term seniors, the non-school portion of the bill can go to zero. Here's the honest version: who wins, the newcomer catch, and the one deadline nobody is talking about.
If 60% of Florida voters approve House Joint Resolution 1-F in November, the homestead exemption on your primary residence rises from $50,000 to $150,000 on Jan 1, 2027, then to $250,000 on Jan 1, 2028. Because Save Our Homes has held many long-term owners' assessed values below market for years, stacking a $250,000 exemption on top can zero out the non-school part of the bill. School taxes don't change. And there's a catch for newcomers: establish residency in 2027 or later and you wait five years. I'm Brian Wilder, in business since 1996. Call 561-201-4717 and I'll pull your assessed value.
On June 2, 2026, during a special session called by Governor Ron DeSantis, the Florida Legislature voted to send the biggest property tax change this state has seen in a generation to the November ballot. The House passed it 75 to 26; the Senate, 30 to 9. The measure — House Joint Resolution 1-F — proposes raising the homestead exemption on your primary residence to $250,000, phased in over two years. I've been working Palm Beach County real estate since 1996, and the people this helps most are the ones I get the most calls from: seniors on fixed incomes trying to stay in homes they've owned for decades while insurance and taxes keep climbing. So here's the honest version — who wins, who needs to be careful, and the one deadline nobody is talking about.
Answer first: who actually wins
The biggest winners are long-term homesteaded seniors whose assessed value is already held down by the Save Our Homes cap.
Save Our Homes limits how much your assessed value can rise each year to 3% or the rate of inflation, whichever is lower. If you bought your Wellington or Royal Palm Beach home years ago and the market took off, your market value might be $400,000 or more — but your assessed value, the number you're actually taxed on, may be far lower because the cap has held it back year after year. That gap is the most valuable thing a long-term Florida homeowner owns, and most people don't realize they have it.
Now stack a $250,000 exemption on top of that capped assessed value. For a meaningful number of long-term PBC seniors, the assessed value minus a $250,000 exemption lands at or near zero for non-school taxes. The non-school portion of the bill disappears.
The clarification I give every single time
This does not touch school district taxes. The expanded exemption applies only to non-school local levies — county, municipal, and special districts. Your school tax line stays exactly where it is. Anyone telling seniors their entire property tax bill is about to vanish is overselling it. The honest framing: a big cut to the county-and-city side, with the school side unchanged.
The newcomer catch — read this if you're moving to Florida
Establish Florida residency in 2027 or later, and you wait five years before the $250,000 exemption applies to you.
This is the part that didn't make the headlines, and it's the part that matters most to the people I help relocate from the Northeast. If you establish residency on or after January 1, 2027, you get the current exemption for your first five years in the state. A buyer who closes and establishes residency by December 31, 2026 is treated as an existing homeowner and is in line for the full benefit on the normal timeline.
For a couple selling in New Jersey, New York, or Connecticut and planning the Florida move "sometime in the next year or two," that timing isn't a detail — it's potentially tens of thousands of dollars over five years. If you're seriously considering the move, the conversation about establishing residency before December 31, 2026 needs to happen now, not after you've casually shopped for another year.
The honest tradeoff nobody running for office will say plainly
I'm not going to sell you a free lunch. A House staff analysis estimated this would reduce annual revenue to non-school local governments by about $4.6 billion at the start, growing to roughly $8.4 billion a year (estimates vary across analyses). That money funds county and city services — public safety, fire and EMS, roads, stormwater. The amendment requires local governments to prioritize core services with what's left, but $8 billion a year is real money, and the people most dependent on county services are often the same fixed-income seniors who benefit most from the tax cut. That's the genuine tension, and you deserve to hear it from someone who isn't on a ballot.
The amendment also quietly lowers the annual assessment cap on non-homestead property — vacation homes, rentals, and commercial — from 10% to 5%. If you own an investment property in Palm Beach County in addition to your homestead, that's a separate benefit worth understanding.
What Palm Beach County seniors should do right now
Find your assessed value
Pull your record at pbcpao.gov. The assessed value — not market value — is the number this exemption is subtracted from. If you've been homesteaded a long time, you may be surprised how low it is.
Confirm your homestead is active
This entire benefit is built on top of having an active homestead exemption. It is not automatic — you file with the property appraiser. If you never filed, you're leaving the foundation off the table.
Check the senior additional exemption
Florida offers an additional exemption for low-income seniors (65+) below an income threshold of roughly $37,000 — verify the current PBC figure at pbcpao.gov. If you qualify, it stacks with everything else.
Relocating? Beat the Dec 31, 2026 clock
The single most actionable item for Northeast buyers. The difference between establishing Florida residency in 2026 versus 2027 is five years of exemption eligibility.
This vote doesn't change anything until voters approve it in November and the phase-in begins in 2027. But the planning — especially the residency timing — starts now.
Want to know what this means for your specific home?
If you want me to pull your assessed value and walk you through exactly what a $250,000 exemption would do to your non-school tax line — and what it wouldn't — that's a 15-minute call. If you're relocating, we'll map the residency timing against the December 31, 2026 deadline.
Call Brian Wilder: 561-201-4717 · brian@palmbeachcountyhomeforsale.com
Spanish-speaking homeowners: 561-285-8809 — Lucy López
Frequently Asked Questions
Does the $250,000 homestead exemption apply to school taxes?+
If my home's assessed value is already low because of Save Our Homes, would I pay zero property tax?+
When does the $250,000 exemption take effect?+
I'm moving to Florida from up north. Do I get the full exemption?+
How much does this lower local government revenue?+
Does this affect my vacation home or rental property?+
Is this guaranteed to happen?+
What should a Palm Beach County senior do before November?+
Brian Wilder
The Wilder Real Estate Group at Keller Williams Wellington
561-201-4717 · brian@palmbeachcountyhomeforsale.com · In business since 1996 · Licensed since 1998 · 1,500+ Palm Beach County transactions · 5th-generation Palm Beach County family
This article is educational information about a proposed Florida constitutional amendment and is not legal, tax, or financial advice. Figures, dates, and the five-year newcomer requirement reflect the legislation as passed for the November 2026 ballot and could change; nothing takes effect unless voters approve the amendment by at least 60%. Confirm your own exemptions and any income thresholds with the Palm Beach County Property Appraiser (pbcpao.gov) and consult a qualified tax professional about your specific situation. Information deemed reliable but not guaranteed. Equal Housing Opportunity.
Related: Relocating to Palm Beach County from the Northeast · Senior & active-adult living in Palm Beach County