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Florida Gov. Ron DeSantis announced a plan that would seek a ballot proposition in November to eliminate property taxes for many homeowners through an expanded homestead exemption.He says the homestead exemption would rise immediately to $250,000 and eventually to $500,000, which he claims would leave about 92% of homeowners owing no property tax. <\/p>\n

The proposal is not finalized: it would need a 60% supermajority in the Florida Legislature and then a 60% voter approval in the fall election. DeSantis also outlined how the cost would be covered, saying wiping out property tax revenue<\/a> would create a roughly billion funding gap<\/a> for local governments, to be filled by a state trust fund offering grants. He added limits on business assessments and said the tax relief would not apply for five years to new residents arriving after Jan.1, 2027. <\/p>\n