TALLAHASSEE, Fla. — State lawmakers in Tallahassee plan to review a proposal next month that would increase the homestead exemption from $75,000 to $250,000, with the goal of reducing property taxes.
Qualifying homeowners would be exempt from property taxes on the first $250,000 of their home’s value.
However, this plan might take away $8 billion from local governments, causing division among lawmakers.
If the proposal is approved, it will appear on the November ballot and need 60% voter support to pass.
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