Government officials are working to assess the impact of the new property tax reform referendum that would raise the homestead exemption and lower property tax bills. A recent study from the Florida Association of Counties estimated Martin County would lose $50 million in 2027-28 and $93 million in 2028-29. St. Lucie County would lose $80 million in 2027-28 and $140 million in 2028-29. Indian River County would lose $32 million in 2027-28 and $57 million in 2028-29.
Palm Beach County Commissioner Bobby Powell said if there is a cut to property taxes, there will be real shortfalls, real challenges and revenue will have to be made up somewhere. Powell said options like finding new revenue and budget cuts are a possibility but added that officials do not yet know if it will be an increase in sales tax, an increase in user fees for other services or something else. The referendum to raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028 will be decided by voters in November. State Rep. Toby Overdorf, R-Stuart, said the proposal is more of a break for the struggling family in a $300,000 home working several jobs to make sure ends meet.