Bill > S0550

This joint resolution proposes amendments to the Florida State Constitution that would prohibit counties, school districts, and municipalities from levying ad valorem taxes (property taxes calculated based on the assessed value of property) on tangible personal property, which includes physical assets like equipment, furniture, and vehicles owned by businesses or individuals. The resolution modifies Sections 3, 4, and 9 of Article VII and adds a new section to Article XII to explicitly remove the ability to tax such property. Specifically, the changes would eliminate language allowing ad valorem taxation of tangible personal property and restrict local governments' taxation powers. The amendments are set to take effect on January 1, 2027, giving local governments time to adjust their tax structures. If approved by voters in a future election, this constitutional amendment would provide tax relief for businesses and property owners by preventing local entities from assessing taxes on movable personal property, potentially making the jurisdiction more economically attractive to businesses.

https://www.flsenate.gov/Session/Bill/2026/550