How Much Could You Save on Your Florida Property Taxes?
If Florida voters approve the "Save Our Homes from Excessive Property Taxes" amendment in November 2026, the non-school homestead exemption could jump from $50,000 to $150,000 in 2027 and $250,000 in 2028. Use the calculator below to estimate your potential annual and monthly savings — then see what that could mean for your mortgage.
Your Estimated Savings
Enter your numbers and click Calculate to see your estimated annual and monthly tax savings.
What This Could Mean for Your Mortgage
Your tax savings don't just sit in your bank account — they reshape what's possible with your home loan. Here's how Sean can help you put that money to work:
Lower Monthly Payment via Escrow Reduction
If your taxes are escrowed, your lender collects 1/12 of your annual tax bill each month. Saving $0/month in escrow could pair powerfully with a refinance if rates drop — making your total monthly payment even lower.
More Buying Power (For Future Moves)
Lower future property taxes mean lower DTI on the same purchase price — so the same monthly budget could qualify you for ~$0 more home. Important if you're considering a move-up purchase in the next 1-2 years.
Cash-Out or HELOC Opportunity
Saving $0/year in taxes frees up cash flow that could help you absorb a slightly higher payment on a cash-out refinance or HELOC — tapping equity for home improvements, debt consolidation, or investment.
Want me to run the exact numbers for your situation? Fill out the form below and I'll prepare a personalized analysis showing your projected tax savings alongside refi, HELOC, or buying-power scenarios that match your goals.
Get Your Personalized Tax + Mortgage Review
I'll send your savings estimate plus a quick analysis of what it could mean for your specific mortgage — refi opportunity, HELOC, or buying power. No obligation, no spam, no robo-calls.
Important Disclaimers
Educational estimate, not tax or legal advice. This calculator is a planning tool only. The "Save Our Homes from Excessive Property Taxes" amendment requires voter approval on the November 2026 ballot and is not yet law. Final implementation, eligibility, and exemption amounts may change based on the legislature's implementing language and Florida Department of Revenue rules.
What the calculator includes / excludes. Calculations assume a Florida-homesteaded primary residence. School-tax portions remain at current rates and are NOT affected by the expanded exemption. Non-ad valorem assessments (CDD fees, solid waste, stormwater, fire, mosquito control, etc.) are NOT included. Actual taxes depend on your county's millage rates, assessment changes, portability, special exemptions, and final ballot/legislative language.
For authoritative figures, contact your county property appraiser or tax collector. For mortgage and refinance analysis, Sean McManamon, NMLS #384633, West Park Mortgage Group LLC, NMLS #2185901, is licensed to originate mortgage loans in Florida. Equal Housing Lender.
What the "Save Our Homes from Excessive Property Taxes" Amendment Actually Does
Florida’s current homestead exemption gives primary-residence homeowners a $25,000 exemption that applies to all property taxes, plus an additional $25,000 exemption (for a $50,000 total) that applies only to non-school taxes. The amendment passed by the Legislature in June 2026 keeps the school portion exactly as it is today but dramatically expands the non-school exemption:
- 2027: Non-school homestead exemption increases from $50,000 to $150,000
- 2028: Non-school homestead exemption increases again from $150,000 to $250,000
- School portion: No change. School taxes are still based on assessed value minus the standard $25,000 exemption
- Eligibility: Florida-homesteaded primary residence only. Investment properties, second homes, and commercial property are not affected
For a typical $375,000 assessed home in Pinellas County, this works out to roughly $1,820 in annual savings by 2028 — about $152/month back in your pocket. For higher-value homes in counties with higher millage (like Hillsborough or Miami-Dade), the savings can exceed $2,500/year.
Why This Matters If You Have a Mortgage
If your property taxes are escrowed (which they are for most homeowners with conventional, FHA, or VA loans), your lender collects 1/12 of your annual tax bill in every monthly payment. When your tax bill drops, your monthly escrow payment drops too. Here’s how that plays into the mortgage decisions you may be considering:
Refinancing
If interest rates drop further in 2026 or 2027, a refinance can lower your principal-and-interest payment. Stack that on top of a $100–$200/month escrow reduction from the tax amendment, and the total monthly savings can be substantial. The break-even point on a refinance gets a lot more attractive when escrow savings are working in your favor.
Buying Up or Moving
If you’re planning to move to a larger home in the next 1–2 years, the lower future tax rate increases your buying power. Lower property taxes mean lower debt-to-income (DTI) ratio at the same purchase price, which can qualify you for a higher loan amount on the same monthly budget. Florida’s portability rules also let you carry your Save Our Homes assessment cap to your next homestead — combined with the new exemption, that’s a powerful combination.
HELOC or Cash-Out Refinance
Saving $1,500–$2,500/year in property taxes frees up cash flow that can support a HELOC or cash-out refinance payment. If you’ve been thinking about tapping equity for home improvements, debt consolidation, or an investment opportunity, the tax savings make that more affordable.
What the Calculator Does and Doesn't Account For
This calculator focuses on the ad valorem portion of your property tax bill — the part calculated based on assessed value and millage rate. It includes both school and non-school millage and applies the new exemption only to the non-school portion (which is how the amendment is structured).
What’s NOT included in the estimate:
- Non-ad valorem assessments (CDD fees, solid waste, stormwater, fire, mosquito control)
- Special districts that may have additional assessments
- Future changes in millage rates set by county/city governments
- Future changes in your assessed value (Save Our Homes caps annual increases at 3% or CPI)
- Portability adjustments if you move within Florida
For your authoritative property tax figures, check your county property appraiser’s website or your most recent TRIM notice (the August assessment notice mailed each year).
Frequently Asked Questions
If voters approve the amendment in November 2026, the expanded non-school exemption ($150,000) would apply to property tax bills issued in 2027. The full $250,000 exemption would apply to 2028 bills. The amendment must receive 60% voter approval to pass.
Only Florida-homesteaded primary residences qualify, exactly like the current homestead exemption. You must own the property and live in it as your permanent residence. Investment properties, second homes, vacation rentals, and commercial property do NOT qualify.
No. The amendment specifically does not change the school portion of property tax. Your school taxes are still calculated based on assessed value minus the standard $25,000 exemption. Only the non-school portion (county, municipal, special districts) benefits from the expanded exemption.
For most Tampa Bay homeowners with a homesteaded primary residence, savings range from $1,000 to $2,500+ per year by 2028. The exact amount depends on your county’s non-school millage rate. Higher-millage counties (like Hillsborough, Miami-Dade, Broward) produce larger savings. Lower-millage counties (like Sarasota, Collier) produce smaller savings.
If your property taxes are escrowed (collected monthly by your lender), yes — your escrow portion of your monthly payment should decrease once the lower tax bill takes effect. Lenders typically perform an annual escrow analysis and adjust your payment based on actual tax bills. Some lenders may also issue an escrow refund if you’ve over-collected.
The tax savings alone are not a reason to refinance — refinancing has closing costs and a break-even period. But if interest rates drop and you were already considering a refi, the escrow savings sweeten the deal and shorten your break-even period. The right answer depends on your current rate, loan balance, time horizon, and goals. I’m happy to run those numbers for you.
No. The amendment applies only to homesteaded primary residences. Rental properties, vacation homes, and investment real estate continue to be taxed on full assessed value (less any standard exemptions they qualify for, which are typically minimal for non-homestead properties).
If you’ve filed for homestead exemption (the deadline is typically March 1 of the year you want the exemption to apply), you’ll be eligible for the expanded exemption when it takes effect in 2027 — assuming the amendment passes. If you haven’t filed for homestead yet, do that now with your county property appraiser. It’s free and takes 5 minutes.
Yes. Florida’s portability rules let you transfer your Save Our Homes assessment cap (the difference between your assessed value and market value) to a new homestead within two tax years. The expanded $250,000 non-school exemption would apply to your new homestead too, as long as it remains your primary residence.
This calculator gives a reasonable estimate based on the bill text as passed by the Legislature, your inputs, and aggregate millage data. It’s not a guarantee. Your actual savings will depend on your final assessed value (which can change yearly), your specific city/district millage rates, non-ad valorem assessments, the amendment’s final implementing language, and Florida Department of Revenue rulemaking. Always verify with your county property appraiser before making financial decisions.