The Brief The Florida House Select Committee on Property Taxes is meeting in Tallahassee to talk about reducing, or even eliminating, property taxes. Major changes to property taxes require a ballot referendum, however, and the earliest that can happen is November 2026. READ: Proposals come forward as Florida lawmakers set to discuss potential property tax elimination, reductionDig deeper:Much of the talk in Tallahassee centers on potential changes for homesteaded properties. Property taxes in Florida generate about $55 billion in annual revenue, with homestead property owners paying $19 billion. Local governments rely heavily on property tax to fund infrastructure projects, maintain roads, and pay for critical emergency and law enforcement services.