Several bills were filed for the Special Session on property taxes that began Monday afternoon, June 1.

The primary bill to be considered by both the Florida House and Florida Senate would place a constitutional amendment before the voters at the 2026 General Election this November. The resolution increases the homestead exemption from the current $50,000 to $150,000 beginning Jan 1, 2027, and to $250,000 beginning Jan 1, 2028. The increased homestead exemption applies to county, municipal, school district, and special district levies.

During day one of the special session: Lawmakers seemed to be moving the property tax overhaul forward, but with major changes that protect public-school funding and strip out a proposed trust fund to offset local revenue losses.

Only  homesteads would see relief under the proposal; commercial and investment properties would stay taxed as-is. Any amendment approved by lawmakers would still need 60% voter approval in November to take effect.

A $150,000 deduction at the 2025 millage rate (8.9199) would amount to over $1300 per year for homesteaded properties in Islamorada.