Passed the Florida Legislature on June 2, 2026. Goes to voters November 2026 — needs 60% to become law. Here is exactly what it saves in St. Johns County at every price point, and what happens if it fails.
Florida's homestead exemption reduces the assessed value of your primary residence for property tax calculation purposes. The current exemption is $50,000 — split as $25,000 applying to all taxing authorities and $25,000 applying to all except school taxes. The proposed increase to $250,000 would add $200,000 more in assessed value reduction, significantly lowering the tax burden for homeowners in most price ranges.
The exemption does not eliminate school taxes on the added $200,000. Florida school levies are a portion of your total millage — approximately 3.5–4.0 mills of St. Johns County's 13.47 total. The savings calculation below accounts for this: the $200,000 additional exemption saves you at the non-school millage rate, which is approximately 9.5–10.0 mills in St. Johns County.
| Purchase Price | Current Tax ($50K exemption) | Tax If Passes ($250K exemption) | Annual Savings | 10-Year Savings |
|---|---|---|---|---|
| $300,000 | $3,368 | ~$1,468 | ~$1,900 | ~$19,000 |
| $375,000 | $4,385 | ~$2,485 | ~$1,900 | ~$19,000 |
| $425,000 | $5,051 | ~$2,357 | ~$2,694 | ~$26,940 |
| $500,000 | $6,062 | ~$3,368 | ~$2,694 | ~$26,940 |
| $600,000 | $7,409 | ~$4,715 | ~$2,694 | ~$26,940 |
| $750,000 | $9,429 | ~$6,735 | ~$2,694 | ~$26,940 |
For homes priced above $300,000, the annual savings plateau at approximately $2,694/year — because the $200,000 additional exemption saves the same dollar amount regardless of home price above that threshold. The savings are applied to the bottom $200,000 of assessed value above the first $50,000 exemption. For homes at or below $300,000, the benefit is proportionally smaller because the full $200,000 additional exemption cannot be applied.
If the amendment passes, the $250,000 exemption applies to your assessed value — and Save Our Homes continues to cap annual assessment increases at 3% from year 2 onward. In year 1 of ownership, your assessed value equals your purchase price. The $250,000 exemption is then subtracted from that assessed value. As the SOH cap gradually reduces your assessed value over time, the full $250,000 exemption may eventually exceed your taxable value — at which point your property tax bill approaches zero on the county portion.
Example: Buy at $300,000. Assessed at $300,000 year 1. Less $250,000 exemption: $50,000 taxable. At 13.47 mills: ~$674/year in property tax (minus school levy adjustment). By year 10 with SOH cap, assessed value has declined toward $250,000 — the exemption covers nearly all of it. This is a meaningful structural benefit for buyers in lower price ranges.
At Parkland Preserve (from $374,900), if the exemption passes, annual property tax drops from approximately $4,385 to approximately $2,485 — a saving that offsets a significant portion of the community's CDD. At Reverie at Silverleaf (no CDD), the annual tax + HOA total drops further. The amendment does not change HOA or CDD fees — only the property tax component of your annual carrying cost.
Florida voters will see this amendment on the November 2026 general election ballot. Constitutional amendments require 60% approval — a significantly higher bar than a simple majority. Opponents argue the exemption benefits higher-income homeowners disproportionately and reduces funding for local services and schools. Supporters argue it provides meaningful tax relief to Florida homeowners and retirees. The outcome will determine whether buyers who close in late 2026 or early 2027 receive this benefit on their first full tax bill.
Budget using the current $50,000 exemption. If the November 2026 vote passes, your tax bill from 2027 forward will be lower than projected — treat it as upside, not a guarantee. An agent can walk you through the full cost picture either way.
Connect with a Local Agent →Amendment status as of June 2026: passed Florida Legislature, goes to November 2026 ballot. Verify current status at dos.fl.gov. Savings calculations use St. Johns County 2025 millage of 13.47 mills and approximate school levy of 3.5 mills excluded from additional exemption. All calculations are estimates. This page is for research purposes only.