State Senator Jeff Brandes is proposing a resolution that, if passed, would expand the existing Florida homestead exemption to reflect increases in the Housing Price Index. The proposed language is structured to only ever increase the exemption, or to keep it the same as the previous year’s exemption in the event that prices would cause it to decrease.
“Our commitment to economic freedom is one of the reasons Florida has avoided the financial woes of so many other states,” Brandes explained. “The people of Florida know how to best use their money, not the government. This inflation is not transitory and taxes on homeowners will continue to rise without the benefit of this adjustment.”
Florida Representative Jason Fischer, whose district covers part of Duval County, filed an identical proposal in the House today. “Now more than ever, Floridians need be able to hold onto their hard-earned money,” said Fischer. “With inflation and housing prices on the rise, expanding the homestead exemption is an obvious opportunity to do right by the people of our state.”
If the proposal passes through the House and Senate, voters will have the chance to approve of it during the 2022 election.
For more information about SJR 1266 visit: https://flsenate.gov/Session/Bill/2022/1266.