Indian River County leaders are warning that a proposed property tax amendment could cost the county $50 million in revenue. The warning comes as voters prepare to decide on the amendment in November.
A recent analysis from the Florida Policy Institute estimates that local governments statewide could lose nearly $4.8 billion if voters approve the amendment. The proposed expansion of Florida's homestead exemption would lower tax bills for homeowners but could force local governments to cut services, use reserves, or raise millage rates to offset the lost revenue.
Critics warn that renters may end up bearing the burden if local governments raise rates. At Habitat for Humanity of Martin County, Executive Director Mike Readling says 95% of the people seeking help with rent and bills are renters. A 2025 Florida Senate analysis found there are just 24 affordable and available rental units for every 100 extremely low-income renters.
The amendment would also lower the property tax cap on non-homesteaded properties, including commercial apartment complexes, from 10% down to 5%. Some analysts believe this could result in lower rents, though others warn landlords facing higher tax bills could pass those costs to tenants. The measure will appear on the November ballot.