Florida’s new property tax rule: Why Google co-founder Larry Page, Oracle founder Larry Ellison, Citadel CEO Ken Griffin and other billionaires move to ‘Billionaire Bunkers’ may be right
The Times of India · TOI Tech Desk ·
Florida voters approved an overhaul of the state’s property tax system, passing Amendment 3 with 62% of the vote.
Florida voters approved an overhaul of the state’s property tax system, passing Amendment 3 with 62% of the vote. While pitched primarily as relief for everyday residents squeezed by rising living costs, its true financial windfall for the ultra-wealthy elite buying up South Florida's luxury properties lies in a modified assessment rule. For the tech titans and hedge-fund founders who have bought houses for hundreds of millions of dollars, this is a welcome decision though the exemption offers little more than loose change.
What is the new property tax rule
Under Amendment 3, the state’s homestead exemption on non-school property taxes will triple from the current $50,000 to $150,000 in 2027, before jumping to $250,000 in 2028. By shielding more of a primary residence’s assessed value from local taxation, the measure will lower annual tax bills for typical homeowners. New residents will also be eligible for the break, though on a phased-in timeline. As the homestead tax exemption applies as a flat dollar deduction, its benefits drop to near zero against multi-million-dollar mega-mansions.
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