Here are the 5 big rules in Florida Gov. DeSantis’ new property tax plan

TAMPA, Fla. – On Wednesday, Florida Gov. Ron DeSantis called yet another special session — this time, focusing on property tax cuts.

The governor made the declaration in Tampa, revealing his new proposal to bring property tax relief to homesteads across the state: the “Save Our Homes from Excessive Property Taxes” plan.

“Property tax revenue collected by local governments has nearly doubled in the past seven years and is expected tor each an astounding $83 billion by 2032,” DeSantis said. “Florida homeowners need relief. Now is the time to stand up for taxpayers, enact a historic reform, and save the home of every Floridian.”

[RELATED: Could Florida really ELIMINATE property taxes?!]

In a release, DeSantis’ office noted that the Save Our Homes plan includes five major components, which are as follows:

• Homestead Exemptions: Exempts the first $250,000 of a homestead’s value from taxation, though it also requires a schedule to eventually phase them out in full
• Local Services: Requires local governments to use remaining property taxes solely for core public needs, such as public safety, education, infrastructure and natural resources
• Business Taxes: Limits future property tax assessments on businesses and creates a more stable tax environment for local businesses
• Residency Requirements: Requires anyone who establishes Florida residency after Jan. 1, 2027, to maintain Florida residency for up to five years before receiving the increased homestead exemption
• Trust Fund: Establishes a state trust fund to provide grants to local governments to help with the continuation of core local services

Because property taxes are currently a local-level issue, an amendment will be required to enact this sort of plan.

But even if lawmakers approve it, it will still need to garner approval from at least 60% of Florida voters in November.

The new special session is expected to start on Monday, and DeSantis said he hopes to get the proposed amendment placed on the ballot later this year.