Florida voters nearly tripled the homeowner tax break — blowing an $11.8 billion hole in county budgets | Fortune

Florida voters approved a ballot measure nearly tripling the state's homestead property tax exemption, opening an estimated $11.8 billion shortfall in county budgets, Fortune reported. The measure, backed by Gov. Ron DeSantis, raises the homeowner tax break from $50,000 to roughly $150,000, sharply reducing the property tax revenue that funds local services. County governments now face the choice of cutting spending, raising millage rates or seeking state aid to close the gap. The result matters because Florida's counties rely heavily on property taxes to pay for schools, public safety and infrastructure, and the revenue loss compounds pressure from insurance and housing costs. Watch next for county budget proposals and any push in the Legislature to backfill the shortfall.