Florida lawmakers have advanced Gov. Ron DeSantis’ proposal to significantly increase the state’s homestead property tax exemption, with phased increases from $50,000 to $150,000 next year and $250,000 by 2028.

The plan includes new protections for school funding taxes after concerns were raised about major revenue losses for local governments and public services.

Critics argue the measure could create a large budget shortfall, with some estimates showing hundreds of millions in lost funding for counties and schools.

Supporters say homeowners would see major tax savings and argue local governments can reduce spending or adjust priorities, Fox 13 has reported.

The proposal now moves to final House and Senate votes, where it needs 60% approval to appear on the November ballot.