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 offered estimates of potential losses for Treasure Coast counties.
Martin County could lose $50 million in 2027-28 and $93 million in 2028-29. St. Lucie County could lose $80 million in 2027-28 and $140 million in 2028-29. Indian River County could lose $32 million in 2027-28 and $57 million in 2028-29.
Palm Beach County Commissioner Bobby Powell said options like finding new revenue and budget cuts are a possibility. He said officials do not know if it will be an increase in sales tax or an increase in user fees for other services. The referendum to raise the homestead exemption to $150,000 in 2027 and $250,000 in 2028 will be decided by voters in November.