Bill > S0272

This bill expands the homestead property tax exemption for Florida residents aged 65 and older by increasing the household income threshold from $20,000 to $350,000 and reducing the minimum years of property ownership from 25 to 5 years. The new exemption would provide a total exemption from ad valorem (property) taxes for eligible seniors, except for school district levies. To qualify, homeowners must be 65 or older, have owned and maintained their primary residence for at least 5 years, and have a household income not exceeding $350,000, which will be adjusted annually based on the consumer price index. The bill requires taxpayers to submit documentation verifying their household income and authorizes property appraisers to conduct random audits to ensure compliance. The Department of Revenue is authorized to adopt emergency rules to implement the changes, and the new exemption will first apply to the 2027 tax roll. The bill's implementation is contingent on the approval of a corresponding constitutional amendment, which would need to be passed at a general or special election.

https://www.flsenate.gov/Session/Bill/2026/272