The amount of savings would vary according to each property’s value, benefits under the Save-Our-Homes program, the millage rates adopted by the affected taxing authorities, and more.
A larger exemption reduces the taxable value to which a millage rate applies. But a higher millage rate increases the tax charged on the taxable value that remains. The proposal does not restrict increases in millage rates by taxing authorities, though a different 2026 bill, which is already in effect, requires a higher voting threshold of governing boards to raise the millage rate.
Owners of homesteaded properties with taxable value in excess of the increased homestead exemption would be taxed on that remaining value and could be affected by millage-rate increases approved by taxing authorities impacted by a decrease in gross taxable value across their jurisdictions.
If a property’s taxable value would be wholly below the increased homestead exemption, then those potential increases in millage rate would not affect its owners. This may include properties with a wide range of market value, because assessed value, to which the homestead exemptions apply, takes into account “Save our Homes” protections, which generally limit annual increases in the assessed value of a homesteaded property to the lesser of 3% or the rate of inflation, even when the property’s market value rises more quickly.
In 2025, according to the Office of Economic and Demographic Research, the statewide median market value of a Florida homestead parcel was approximately $337,907. Statewide, assessment differentials, including Save Our Homes and portability, reduced the aggregate just value of homestead property by approximately 37.6%.
Two different homesteaded property owners could experience very different outcomes. For example, the first could see a reduction of taxable value to $0, while another, with remaining taxable value, could potentially pay more if taxing authorities increase their millage rates across what is a smaller tax base.
Importantly, it is not known at this time whether taxing authorities with jurisdiction in Orchid will increase their millage rates as a result of this proposal.