FLOW · Week Ending June 7, 2026
Florida's Property Tax Earthquake — and What It Means for Every Financial Professional in the State
On June 2, the Florida Legislature passed a constitutional amendment that could eliminate property taxes for 60% of primary homeowners. It goes to the November ballot. The financial implications cut in multiple directions.
The Tax Story That Could Change Everything
Florida's Legislature met in special session on June 2 and passed House Joint Resolution 1-F with broad margins. The measure would raise the homestead exemption from $50,000 to $150,000 in 2027 and to $250,000 in 2028. It needs 60% voter approval in November and could eliminate non-school property taxes for up to 60% of primary homeowners.
The Migration Accelerant
Florida already offers zero state income tax. Add near-elimination of primary residence property taxes and the after-tax advantage over New York, California or Illinois becomes very hard to match.
The Non-Homestead Catch
The amendment also lowers the cap on annual assessment increases for non-homestead property from 10% to 5% — investment homes, vacation homes, apartments and commercial real estate. The five-year residency requirement for arrivals after January 1, 2027 adds a planning dimension.
RIA & Wealth Management M&A
Modern Wealth Management closed Flaharty Asset Management (~$1.1B AUM, Clearwater and Punta Gorda) on May 29 — its 22nd acquisition since 2023 and second Florida deal in two months, pushing total AUM past $14 billion. DayMark surpassed $6 billion. LPL signalled an M&A pause to integrate Commonwealth, opening a window for Dynasty and Fidelity-platform acquirers.
Banking / Insurance / Private Credit
Lower holding costs on primary residences raise collateral values for securities-backed lending, while the non-homestead cap slows assessed value growth for CRE underwriting. Miami ranked #4 in the AFIRE 2026 survey, and South Florida recorded 361 residential sales above $10M in 2025 — the highest since 2021.
FLOW · For institutional use · Not investment advice
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