Florida Legislature approves property tax cut proposal for November ballot

The Florida Legislature approved a property tax cut proposal during a special session, which will appear on the November ballot requiring 60% voter approval. The plan increases homestead exemptions to $150,000 in 2027 and $250,000 in 2028, excludes school district levies, and lowers annual assessment caps for non-homestead properties. Lawmakers added protections for public school funding and removed a trust fund for rural areas, while Democrats criticized the measure as a threat to local governments.