Florida approves sweeping property-tax breaks but New Yorkers planning a move face a catch

Florida voters have approved sweeping property-tax breaks that could save homeowners thousands of dollars a year — but out-of-staters looking to cash in on the Sunshine State’s latest perk face a five-year catch.Amendment 3 passed during the Tuesday midterms with roughly 62% of the vote, clearing the 60% threshold required to change Florida’s Constitution and paving the way for a major expansion of the state’s homestead exemption.Beginning in 2027, Florida homeowners who qualify for the state’s homestead exemption will be able to shield the first $150,000 of their home’s assessed value from most local property taxes, up from $50,000 today.That tax-free portion will rise to $250,000 in 2028 and increase with inflation beginning in 2029.Foe example, a homeowner whose property is assessed at $400,000 would generally pay applicable non-school property taxes on just $150,000 of that value in 2028, rather than $350,000 under the current exemption.The savings could be substantial.

A previous Realtor.com analysis estimated that the median Florida homeowner could save roughly $1,800 annually by 2028, although the actual amount will depend on local tax rates and the home’s assessed value.But there’s a catch for prospective transplants.Anyone who is not a Florida resident by Dec.31, 2026, will initially receive only the existing homestead exemption upon qualifying.

The expanded benefit won’t kick in until their fifth year of homestead eligibility.Florida has long attracted affluent Northeasterners, especially New Yorkers, with its lack of a state income tax and warm weather.As The Post previously reported, wealthy New Yorkers helped fuel a dramatic surge in Palm Beach property prices, with the median listing price nearly doubling between September 2019 and January 2025.In Florida’s luxury market, the amendment is already generating enthusiasm.Miltiadis Kastanis, executive director of sales at Compass, told The Post that wealthy clients have been discussin...