Property appraiser outlines how homestead amendment would work and who benefits

Property Appraiser Mike Twitty told Pinellas County commissioners on June 9 that the recently approved constitutional amendment will substantially change the county’s tax base and that many implementation details will be set by future statute.

Twitty said taxable value countywide rose about 4.2% for the current roll and explained how 'recapture' works — market value can swing quickly but assessed (capped) value moves more slowly. "Taxable value did go up 4.2% over 2025," he said, explaining the figure was largely driven by recapture and new construction.

What the amendment does

Twitty summarized the principal elements of the amendment as staff currently interprets them: a non‑school exemption that would increase to about $150,000 (year one) and then to $250,000 (year two) for qualifying homesteads, a change in non‑homestead caps (from 10% toward 5% in some scenarios), and a five‑year residency test that will govern who qualifies for the larger exemptions. He emphasized that schools are held harmless under the measure, which means the financial impacts will fall on local governments and dependent districts unless the Legislature acts to change allocations.

He also explained portability mechanics and the risk that recapture and the assessed‑value cap interaction can create confusion for taxpayers when market values fluctuate. To help homeowners recover from storm damage, Twitty described a recent state change that expanded calamity allowances and a new calculator the appraiser’s office launched to estimate potential tax effects of repairs or rebuilds.

Distributional impacts and timing

Twitty told commissioners that about 37.3% of current homesteaded parcels have assessed value under $150,000 and would be swept into larger exemptions in year two under the amendment’s phase‑in assumptions. He cautioned that some of the biggest effects will vary by geography — dependent special districts and unincorporated fire districts could face steep percentage reductions where homestead concentration is high.

He also warned that the amendment limits future revenue growth in ways that are broad and will require an implementing bill to define terms such as "core services." "It also restricts what you can spend money on to core services," Twitty said. "That's very, very broad."

Why it matters

Twitty drew a contrast between potential benefits for first‑time buyers and out‑of‑state movers (who may gain affordability if they qualify) and potential revenue pressure on county services and special districts. He urged commissioners to treat the amendment as a long‑range fiscal shock that staff will have to incorporate into the FY28 planning cycle and beyond.

Ending

Twitty said his office will provide additional tools and guidance to the public, including FAQs and online calculators, and that staff will return with more detailed estimates as implementing statutes and the final roll updates become available.