In November 2026, Florida voters decide on a $250,000 homestead exemption that could eliminate non-school property taxes for many homeowners. Buyers are asking if they should wait. Sellers are asking if they should hurry. Here's the honest, local read on what the amendment could mean for home values in Lake Mary and Seminole County — without the hype.
Get a Straight Answer for Your Home → Call (407) 544-4704A home's monthly cost isn't just the mortgage — it's principal, interest, taxes, and insurance. When one of those drops meaningfully, homes become more affordable to own without prices changing at all. More affordability generally means more qualified buyers in the pool.
If voters approve the amendment, the homestead exemption for non-school taxes rises to $150,000 in 2027 and $250,000 in 2028. For many homesteaded Seminole County owners, that could mean savings roughly in the four-figure range per year — and for homes assessed near or below $250,000, non-school property taxes could disappear entirely.
That's real money back into household budgets. Historically, when the cost of owning falls relative to renting, demand for primary residences tends to firm up. But honesty matters here: home values also depend on mortgage rates, inventory, insurance costs, and the broader economy. Anyone promising you a specific price outcome from this vote is guessing.
Florida already pulls families from New York, New Jersey, and California for tax reasons. A headline-grabbing property tax cut adds fuel — and relocating buyers are the demand engine behind Lake Mary, Heathrow, and Markham Woods.
Lower annual taxes stretch budgets. A buyer who qualified at one price point may qualify higher — or feel more confident pulling the trigger at all. That effect is strongest in the under-$500K Seminole market.
The flip side: owners whose taxes drop to near zero have one more reason to stay put. Less turnover can mean tighter inventory over time — which historically supports prices but limits choice.
One more wrinkle worth knowing: the amendment also cuts the assessment-increase cap on non-homestead property from 10% to 5%. That improves the long-term math for investors and second-home owners — a quieter force, but a real one in a market with steady rental demand.
| If You're… | The Practical Read |
|---|---|
| Selling soon Lake Mary / Seminole owner | You don't need the vote to sell well — today's buyers include relocators already sold on Florida's tax picture. And if the amendment passes, your listing gains a marketing angle: "own this home with dramatically lower carrying costs." We bake that story into the listing either way. |
| Buying soon Local or relocating | Today's balanced market gives you selection and negotiating room that may not last. Homesteading sooner also starts your Save Our Homes 3% cap now. If the amendment passes and demand firms up, the leverage you have today could narrow. |
| Luxury owner $1M+ communities | The exemption itself is a smaller share of a luxury tax bill — but the migration effect is your market's engine. Anything that strengthens Florida's pull on high-tax-state executives supports the luxury corridor over time. |
| Downsizing Empty nesters & retirees | If you're 62+, the property tax question is one piece of a bigger equity decision — downsize, stay and age in place, or restructure. That deserves a real conversation, not a headline. |
Campaign season. Expect heavy coverage and a wave of confident predictions — most of them noise. This page stays updated with the local facts.
Florida votes. 60% approval required. We update this page the same week with the result and what it means for Lake Mary values.
If approved: exemption rises to $150,000 for non-school taxes on homesteaded homes.
If approved: exemption reaches $250,000 — and the full effect on carrying costs, demand, and inventory starts playing out.
Kelly & Ray Nadeau · Equity Smart Home Loans · NMLS #856170
Get Pre-Approved at Smart-N-Loans.com →Before you decide to sell, downsize, or stay — learn how your home equity can fund your retirement without selling or moving.
Start The 5-Step Stay Home Plan — Free →Lower carrying costs generally support demand, and a larger exemption reduces the annual cost of owning a homesteaded home here. That may strengthen demand over time if it passes — but values also depend on rates, inventory, insurance, and the economy. No one can promise a specific outcome.
Not necessarily. The outcome is uncertain, and today's market already has motivated buyers — especially relocators. The right timing depends on your equity, your next move, and your home. Start with a real valuation, not a guess.
Waiting has its own cost. Today's balanced market offers selection and negotiating room, and homesteading sooner starts your Save Our Homes 3% cap now. If the amendment passes and demand firms up, today's buyer leverage could narrow.
The exemption is proportionally smaller on a luxury tax bill, but the migration effect is the luxury market's real engine. Anything strengthening Florida's pull on relocating executives and retirees supports communities like Heathrow, Alaqua Lakes, and Markham Woods over time.
They don't get the homestead exemption — but the amendment would cut the non-homestead assessment cap from 10% to 5%, improving the long-term cost picture for rentals and second homes in Seminole County.
Yes — the same week, with the result and what it means for Lake Mary and Seminole County homeowners either way. Or skip the wait and call us at (407) 544-4704 for a direct answer about your home.
Tell us your address and your situation — selling, buying, or just watching — and Kelly or Ray will give you a straight, local answer. No pressure, no obligation.
Prefer to talk now? Call (407) 544-4704
Kelly & Ray Nadeau · Lake Mary's hometown broker team
Call (407) 544-4704Important information. This page is for general educational purposes only and does not constitute tax, legal, financial, or investment advice, and is not a prediction of future home values. The constitutional amendment described here (HJR 1-F) is pending voter approval in November 2026 and is not law; provisions may change through implementing legislation. Market data approximate. Consult qualified professionals regarding your specific situation.
Kelly and Ray Nadeau are licensed Broker Associates, State of Florida. Kelly Nadeau NMLS #1027618 · Ray Nadeau NMLS #1027617 · Mortgage services through Equity Smart Home Loans, CA NMLS #856170. Not a commitment to lend. All loans subject to credit approval. NMLS Consumer Access. Equal Housing Opportunity.
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