• Provides for increases in the homestead property tax exemption to $150,000 on January 1, 2027, and $250,000 on January 1, 2028, for the non-school portion of property taxes and allows the legislature, through general law, to increase the amount of the homestead exemption up to the remaining assessed value. This amount will be adjusted based on the Consumer Price Index after 2028.

• For non-homestead properties, such as local businesses and rental properties, reduces the annual assessed value increase from 10 percent to 5 percent. The Florida Chamber fought tirelessly to ensure some provisions to help mitigate a potential tax shift to local businesses were included. View our letter here.

• Requires new Floridians to maintain a residence for five years before they see savings under the new homestead property tax exemption. During this period, homeowners are eligible for a $50,000 homestead exemption and receive the benefit of the 3% annual assessment cap. Local governments can reduce the 5-year requirement after 2030 by a two-thirds vote.

• Requires ad valorem taxes levied by counties and municipalities only be used for core services, including public safety, education, infrastructure, natural resources, repayment of bonds, local government employee retirement benefits and operations of county offices and constitutional officers.

• Local property taxes have been in the news this month due to a special legislative session earlier this month to place Amendment 3 on the ballot. To view the Florida Chamber’s business leader primer on property taxes, click here. If you would like to share your thoughts through a quick survey, please click here. You can also find our infographic on Amendment 3 here.

• The Governor signed the $117.6 billion FY 2026-2027 budget yesterday and issued $810 million in line item vetoes. The new state budget takes effect tomorrow, July 1. For a full breakdown on state spending, click here.

• The Florida Chamber has several resources to help local businesses decide who to support in the August primary and November general elections. The Florida Chamber Report Card shows how legislators voted on the business community’s priorities during the 2026 session. We have also released our first round of legislative endorsements for incumbent legislators here.

Job Growth, Inflation, and New Workforce Insights

• Labor Market Trends: 
• Florida added 11,000 jobs year-over-year in May, marking the second consecutive month of annual job growth.
• Florida's unemployment rate held steady at 4.8%, with younger professionals continuing to experience the highest unemployment rates as they enter the workforce and search for opportunities.
• Did you know that all of the top 30 high-demand careers through 2033 in Florida require some level of math proficiency? The Florida Chamber Foundation and its Future of Work Florida Initiative recently released the Top 30 High-Demand Careers in Florida: Math Skills Edition, an interactive report highlighting the 82 math skills employers are seeking today and are projected to need through 2033.

• ALICE Data:
• New figures from the United Way show that while 12% of Florida households live in poverty, an additional 34% fall below the ALICE (Asset Limited, Income Constrained, Employed) threshold, underscoring the gap between federal poverty measures and the actual cost of living for many families.

• Housing Market Trends: 
• Florida's housing market recorded its ninth consecutive month of year-over-year increases in single-family home sales, demonstrating continued resilience.