Follow CBSMIAMI.COM: Facebook | Twitter

TALLAHASEE (CBSMiami) – Florida lawmakers have approved a proposed increase in the homestead property-tax exemption which could save homeowners money on their property taxes.

READ MORE: COVID Pandemic Takes Toll On Caregivers

Both houses of the Florida legislature passed a constitutional amendment that would increase the Homestead Exemption by 25-thousand dollars, which would increase the overall exemption to 75-thousand dollars.

READ MORE: Rapper Pooh Shiesty, Now Facing Federal Charges, To Remain Locked Up

Upon passage Speaker Richard Corcoran said: “Today’s vote is a big win for all Floridians. If passed by the voters, this additional exemption will be one of, if not the largest, tax cut in the history of Florida at $645 million.  An additional $25,000 exemption means real money in the pockets of Florida families. For just the third time in state history the people will see real tax relief in homeownership. The average family will save enough to purchase clothes or school supplies for their children or grandchildren, catch up on bills or make another car payment, pay for healthcare or childcare, and so much more.  Real savings, real money, and real relief. Today’s massive tax cut proves, once again, the Florida House will continue to fight for, and stand with, every day Floridians.” 

The measure would need 60-percent of statewide voter approval in November 2018 to add the increased exemption to the state Constitution.

MORE NEWS: Monroe Co. Has New Re-Entry Stickers In Case Of Checkpoints

Critics warned that cutting taxes meant less money to fund critical local services like police and fire. It wouldn’t affect taxes to fund local public schools.