Fox News real estate contributor Katrina Campins joins ‘Varney & Co.’ to discuss Florida’s housing boom, the blue state wealth exodus and why soaring luxury demand is pricing out first-time homebuyers.
As Americans continue to flee high-tax blue states for lower-tax destinations, Florida lawmakers have just passed what supporters describe as a major win for economic freedom.
Moving to provide long-term property tax relief for residents, the Florida Legislature has cleared a historic, DeSantis-backed constitutional amendment for the November 2026 general election ballot that could eliminate non-school property taxes for many homeowners through a proposed $250,000 homestead exemption.
“I think it will be particularly appealing to people leaving the Northeast and other high-tax states who are evaluating where to establish permanent residency. The state already wins on weather and lifestyle. Tax policy simply becomes another advantage in an increasingly competitive relocation landscape,” Douglas Elliman’s Nick Malinosky told Fox News Digital.
“This proposal could strengthen that appeal, particularly among households planning a permanent move rather than purchasing a second home. I think it could encourage more families, retirees and remote workers to establish Florida residency,” Elliman colleague Lourdes Alatriste added.
FLORIDA A.G. SAYS OPENAI ‘EXPOSED’ TO BILLIONS IN POTENTIAL DAMAGES, CITES EVIDENCE UNCOVERED IN INVESTIGATION
“The biggest beneficiaries may be families and retirees looking to establish permanent residency and maximize long-term savings,” The Corcoran Group’s Mick Duchon agreed.
Florida Gov. Ron DeSantis’-backed HJR 1-F passed in the state legislature on Tuesday, June 2, 2026. (Getty Images)
If Florida voters approve House Joint Resolution (HJR) 1-F in November, the amount of your home’s value that is exempt from certain property taxes would increase over the next two years. On Jan. 1, 2027, the homestead exemption would increase from the existing $50,000 to $150,000. One year later, in 2028, the homestead exemption would rise to $250,000. For some homeowners, that could reduce non-school local property taxes to zero.
A Florida Senate press release states that this sets up the framework “for full [tax] exemption over time.”
Residents who establish primary Florida residency on or before Dec. 31, 2026, would be eligible for the expanded exemption when it takes effect. However, those who move to the state after that deadline would have to wait four years before qualifying for the full $250,000 exemption.
Douglas Elliman’s Lourdes Alatriste brings Fox News Digital inside an $18.9 million home in Coconut Grove, where history and luxury intersect.
“By increasing the homestead exemption, the proposal could help reduce the tax burden on primary residences and provide homeowners with greater financial flexibility year after year,” Alatriste said.
“What I’m hearing from clients is less about speculation and more about affordability. Buyers see it as a potential way to reduce their long-term cost of ownership, while existing homeowners view it as meaningful relief in a market where insurance, maintenance and other housing expenses have continued to climb,” Douglas Elliman’s Senada Adzem said.
“Whether someone owns a $500,000 home or a $20 million home,” Malinosky added, “everyone has felt the impact of rising ownership costs over the past several years. Clients are encouraged that lawmakers are looking at ways to provide tax relief.”
The Corcoran Group’s Mick Duchon gives Fox News Digital a tour of a $21.95 million unit at the Four Seasons residences in Surfside, where ex-Starbucks CEO Howard Schultz just bought the penthouse.
The amendment’s language would reduce the annual assessment increase cap on non-homestead properties, including many commercial properties, from 10% to 5% per year.
This tax break would not apply to school board taxes, and local governments would be required to prioritize remaining property tax revenue for services such as police, fire rescue, EMS, infrastructure, flood-control projects and government employee pensions.
“The strongest argument in favor is that it offers relief to Florida homeowners at a time when affordability remains a major concern,” Alatriste said. “The biggest challenge will be answering questions about how local governments and school districts would offset the reduction in tax revenue.”
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Gov. Ron DeSantis joins ‘Hang Out with Sean Hannity’ to discuss the massive migration to Florida and why blue states like New York and California are facing declining populations.
“Voters will likely support the concept of tax relief, but they’ll also want transparency regarding schools, public safety, infrastructure and municipal budgets. If lawmakers can clearly address those concerns, the proposal has a strong chance of gaining broad support,” Duchon noted.
“The strongest selling point is affordability,” Malinosky said. “I think voters are generally supportive of tax relief, but they will want clear answers before approving a constitutional amendment of this magnitude.”
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